Brightstar Lottery Launches Debt Refinancing and 2032 Notes Offering
Brightstar Lottery PLC is moving to extend its debt maturity profile, initiating a tender offer for its outstanding €500 million senior secured notes due in 2028. The company plans to fund the buyback through a simultaneous benchmark offering of new euro-denominated notes maturing in 2032.
The tender offer, priced at €990 per €1,000 of principal, covers all outstanding Regulation S interests in the 2028 notes. Beyond the purchase price, the company will pay accrued and unpaid interest to holders whose tenders are accepted. Completion of the new notes offering serves as a primary condition for the tender, though Brightstar retains the discretion to waive this requirement.
Brightstar intends to use proceeds from the new issuance to settle the 2028 notes, pay down existing revolving credit facilities, and cover transaction-related expenses. The company has implemented a "New Issue Priority" mechanism, offering preferential allocation of the new 2032 notes to investors who participate in the tender. The tender deadline is set for 4:00 P.M. London time on September 15, 2026, with an expected settlement date of September 18.
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