CIRSA completes €390 million bond placement eyeing future investments

Spanish gambling firm Grupo CIRSA has confirmed that it has secured a €390 million bond placement with private investors.

Issuing a market filing, CIRSA majority owned by US private equity firm Blackstone, confirms that 120 institutional investors have backed its bond arrangement, which maintains a 4.75% annual interest rate, with debt maturity triggered in 2025.

In its update, CIRSA governance details that its bond proceeds will be used to strengthen the firm’s financial structures and further help the company access direct capital for future investments.

“The placement has been very well received by investors, which demonstrates their confidence in the multinational, its operations and its economic results” CIRSA governance details to stakeholders.

The Spanish gambling group’s bond placement was supported by Deutsche Bank, Barclays, BBVA, Credit Suisse, Jefferies and UBS.

European business analysts are monitoring the movements of CIRSA closely. Backed by PE giants, Blackstone, CIRSA seeks to become the ‘global leading’ Spanish language gambling operator.  

A busy May 2019,  has seen CIRSA governance file a lawsuit against joint-venture partner Ladbrokes, contesting the ownership structure of its Sportium Spanish market sportsbook property.

Further Spanish market news, saw Blackstone acquire fruit machine supplier and arcade halls operator GIGA Games for an undisclosed sum from Barcelona fund Conei Corporacion, merging the asset with CIRSA retail portfolio.

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