Codere says transaction for additional liquidity likely to take longer than predicted

By Wendy Van Sickle

Columbus, Ohio, June 8 – Codere Finance 2 (Luxembourg) SA, with Codere New Topco SA, said it has received necessary consents from its noteholders and backstop providers to extend the long-stop date provided for in its lock-up agreement to July 31 from June 30, according to a notice.

Additionally, sufficient majorities of holders of the company’s super senior notes and senior notes have agreed to further extensions of the grace periods of the payments of interest.

For the super senior notes that were due on March 31, the grace period is now extended to 121 days, after having been previously extended to 91 days from 30 days.

For the senior notes, the grace period on the notes that were due on April 30 has been extended to 91 days, after having been previously extended to 61 days from 30 days.

As previously reported in April, the company has been working toward the provision of €101,782,000 of new liquidity financing (including a 1.75% original issue discount) and amending certain terms of Codere’s existing notes.

The company had previously expected the transaction relating to the additional liquidity to be completed by the end of Q2 but now expects it will be completed beyond that timeframe.

More information on the lock-up agreement can be obtained from the information agent, GLAS Specialist Services Ltd. (Codere@glas.agency).

Clifford Chance is acting as Codere’s financial adviser. KPMG Asesores, SL is the financial adviser for the company.

PJT Partners is the financial adviser for certain noteholders. Milbank, LLP is the legal adviser for certain noteholders. Gomez-Acebo & Pombo Abogados, SLP is the legal adviser to certain noteholders.

Codere is a Madrid-based national gaming company.

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