evoke announces €600m senior secured notes offering
Summary
Evoke has priced a €600m 8.000% senior secured notes issue due 2031, to be issued by its wholly owned subsidiary 888 Acquisitions Limited, expected on 24 September 2025. The Group has also agreed a new £200m multicurrency revolving credit facility under its Senior Facilities Agreement to replace its existing revolving credit lines.
Proceeds from the notes, together with drawings under the new facility, will be used to redeem in full the €582m 7.558% senior secured notes due 2027, refinance amounts drawn under the existing £200m facility and pay related fees and expenses. Evoke says the refinancing should lower annualised cash interest costs by about £5m, push out significant maturities until after 2028, marginally increase net debt by around £17m to cover transaction costs, and better align its debt currency mix with cash generation.
CEO Per Widerström commented that the transaction reflects strengthened performance, strategic progress and the group’s return to growth, and that management remains focused on deleveraging and creating value for stakeholders.
Source
Source: https://g3newswire.com/evoke-announces-e600m-senior-secured-notes-offering/
Key Points
- Issue: €600m of 8.000% senior secured notes due 2031, expected issue date 24 September 2025.
- New facility: £200m multicurrency revolving credit facility replaces previous revolving lines.
- Use of proceeds: full redemption of €582m 7.558% notes due 2027, refinance of existing drawings and payment of fees/expenses.
- Financial impact: c.£5m annualised interest cost savings and no significant maturities before 2028.
- Balance sheet: net debt to rise marginally by ~£17m to cover transaction costs; improved alignment of debt currency with cash flows.
- Market signal: strong interest in the offering seen as confirmation of improved performance and strategic progress.
Why should I read this?
Quick and practical — if you follow gaming operators, credit markets or corporate restructurings, this matters. Evoke has locked in cheaper, longer‑dated funding that reduces near‑term refinancing risk and trims interest costs. In short: less short‑term pain and a clearer runway to delever and create value.
Author style: Punchy — this refinancing is a meaningful step for evoke’s recovery and balance‑sheet stability; worth a read if you track sector credit or investment prospects.