Brightstar announces benchmark offering of senior secured notes due 2033
The company plans to use the proceeds to redeem a portion of its outstanding 6.25% notes due 2027, marking its latest move in a year that has included major licensing activity and long-term operational agreements in Europe.
Brightstar Lottery has launched a benchmark offering of senior secured notes denominated in US dollars and due in 2033.
The notes will be issued by Brightstar and Brightstar Global Solutions Corporation as co-issuers and guaranteed on a senior basis by selected wholly owned subsidiaries.
According to the announcement, an application has been submitted for the notes to be listed on the Official List of Euronext Dublin and admitted to trading on the Global Exchange Market. The offering remains subject to customary market and closing conditions.
Brightstar stated that it intends to use the proceeds, along with cash on hand, to redeem $500m of its existing $750m in 6.25% senior secured notes due 2027. The redemption will be made at a make-whole premium.
The company will also allocate funds to cover issuance costs associated with the new offering. The press release emphasised that “this news release does not constitute a notice of redemption of the 6.25% notes due 2027.”
The notes have not been registered under the Securities Act of 1933. The company confirmed they will only be offered to qualified institutional buyers under Rule 144A and to non-US persons in offshore transactions under Regulation S Brightstar said the communication “does not constitute an offer to sell, or a solicitation of an offer to buy, any security.”
The announcement includes extensive reminders regarding legal restrictions in the European Economic Area and the United Kingdom.
The company stated that the communication is directed only at relevant persons and must not be relied upon by individuals who do not fall within the qualified-investor categories described.
Brightstar’s capital activity follows a notable period for the company in Europe. Earlier this month, Brightstar confirmed a nine-year agreement to continue operating Italy Lotto through LottoItalia, the consortium led by the company.
That deal allows Brightstar to manage the license until November 2034 after winning the competitive bid overseen by the Italian regulator ADM.
The company has operated the Italy Lotto license for around 30 years and continues to provide technology and services to nearly 90 lottery customers worldwide.
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