Cleary Gottlieb was counsel to Codere, S.A. in its debt offerings of $300 million aggregate principal amount of 7.625 percent senior secured notes due 2021 and €500 million aggregate principal amount of 6.750 percent senior secured notes due 2021, as well as in its recent revolving credit facility, which initially provides for borrowings up to an aggregate principal amount of €95 million.
The notes were offered for sale in the United States pursuant to Rule 144A and outside of the United States pursuant to Regulation S. The offering priced on November 1, 2016, and closed on November 8, 2016. The revolving credit facility was entered into on October 24, 2016.
The notes were issued by Codere Finance 2 (Luxembourg) S.A., and the revolving credit facility was entered into by Codere Newco, S.A.U. The notes and the revolving credit facility are guaranteed on a senior basis by Codere and certain of its subsidiaries.
Codere intends to use the net proceeds from the notes, together with cash on hand, to refinance the €865.2 million of existing bonds, including principal and accrued interest, fund call premiums payable in connection with the repayment of existing notes, and pay commissions, fees and other expenses.
Codere, headquartered in Madrid, Spain, is a key player in the private gaming sector with a presence in eight countries in Europe and Latin America.