Simpson Thacher represented Cirsa Enterprises, S.L.U. (“Cirsa”) in connection with a Rule 144A and Regulation S offering by its subsidiary of €615 million 4.5% Senior Secured Notes due 2027. The bond offering closed on September 27, 2021.
The proceeds from the offering were used to repay and cancel the full €55 million of borrowings under Cirsa’s Second Revolving Credit Facility, to redeem in full the outstanding principal amount of Cirsa’s U.S. dollar-denominated 7.875% Senior Secured Notes due 2023 and a portion of Cirsa’s euro-denominated 6.25% Senior Secured Notes due 2023, as well as for general corporate purposes and to pay fees and expenses in connection with the foregoing transactions.
Cirsa is a leading gaming company in Spain, Italy and a number of countries in Latin America, engaged in the operation of slot machines, casinos, bingo halls, sports betting and online gaming, and the manufacture of slot machines and gaming kits for the Spanish market.
The Simpson Thacher team included Gil J. Strauss, Srishti Gupta, Melchor Alvarez de Mon and Si Sun (Capital Markets); and Antti I. Pesonen and Emma Lynam (Credit).