Clifford Chance

Clifford Chance advises Allwyn on its €1.6bn Senior Facilities Agreement

International law firm Clifford Chance has advised Allwyn, the leading global lottery operator, in relation to its new Senior Facilities Agreement with a syndicate of international banks. Lenders under the Senior Facilities Agreement have committed to provide funding in an aggregate amount of €1.6bn split across €441m of amortizing term loans due 2027, €441m of bullet term loans due 2028, a €300m revolving credit facility due 2027 and a £380m multipurpose facility available to be drawn as guarantees or term loans maturing in 2027.

Allwyn International will use the proceeds primarily to (i) refinance existing indebtedness including its €623m syndicated loan (including the €243m revolving credit facility), its £380m bank guarantee facility, and up to €300m of other indebtedness, (ii) provide term financing for upfront costs ahead of the start of the UK’s Fourth National Licence in February 2024, and (iii) fund its general corporate purposes including shareholder distributions and acquisitions.

The cross-border Clifford Chance team that advised on the financing was coordinated by Prague office and led and supervised by Miloš Felgr, Partner and Head of the Prague Banking & Finance Practice, who was primarily supported by Senior Associate Vladimír Rýlich and Associate Tomáš Kubala. Supporting lawyers from the London office included Partner Nicholas Kinnersley and Associate Alexandra Martin.

Allwyn is a leading global lottery operator. Allwyn builds better lotteries that return more to good causes by focusing on innovation, technology, efficiency and safety across a growing casual gaming entertainment portfolio. The lottery-first approach of focusing on affordable recreational play has earned Allwyn leading market positions with trusted brands across Europe in Austria, Czech Republic, Greece and Cyprus, and Italy. Following a successful tender process earlier this year, Allwyn is set to become the operator of the UK National Lottery from February 2024.