Simpson Thacher represented Cirsa Enterprises, S.A.U. in connection with a Rule 144A and Regulation S offering by its subsidiary of €650 million aggregate principal amount of €450 million 6.500% Senior Secured Notes due 2029 and €200 million Floating Rate Senior Secured Notes due 2028. The bond offering closed on February 13, 2024.
The proceeds from the offering were used to fully redeem Cirsa’s 4.750% Senior Secured Notes due 2025, to redeem a portion of its 10.375% Senior Secured Notes due 2027 and repay a portion of its 7.25%/8.00% Senior Secured PIK Toggle Notes due 2025, as well as to pay accrued and unpaid interest on the Notes being redeemed, the applicable redemption premium, fees and expenses in connection with the foregoing transactions, and for general corporate purposes.
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, gaming halls, online gaming and betting, and the manufacture of slot machines and gaming kits for the Spanish market.
The Simpson Thacher team included Gil J. Strauss, Srishti Gupta, Charles English and Julie De Keukeleire (Capital Markets), Antti I. Pesonen and Tom Lort (Credit) and Michael Mann and Eli Shalam (Tax).