A&O advises initial purchasers in connection with EUR1.3 billion (equivalent) high yield issuance by Allwyn

A cross-border team from Allen & Overy in London and Prague has advised the initial purchasers in relation to a EUR1.3 billion (equivalent) high yield issuance by Allwyn, comprising EUR665 million 7¼% senior secured notes due 2030 and USD700 million 7?% senior secured notes due 2029 issued by Allwyn Entertainment Financing (UK) plc. Allwyn will use the net proceeds from the issuance of the notes to redeem existing notes, repurchase preferred shares issued by its parent company, Allwyn AG, repay certain drawings under its revolving credit facility and for general corporate purposes.

Allwyn is a leading multi-national lottery operator. It operates lotteries in multiple European countries, including Austria, the Czech Republic, Greece and Cyprus, Italy and the United Kingdom, in addition to operating the Illinois Lottery in the United States under a private management agreement.

The A&O team was led by London high yield partner Marwa Elborai and senior associate Eileen Kelly, with assistance from London banking partner Jan Skuhravy. Associate Isidora Parga and U.S. law clerk Ariana Mercado also assisted on the transaction. The Prague team was led by partner Petr Vybiral, assisted by associate David Mikyska.

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