Βy Nikos Karoutzos

The process of restructuring Intralot’s debt, under the designation “Legend”, is successfully completed in a positive way, as participation in the exchange of bonds with maturity date of 2021, announced on January 14 and completed on February 1, has exceeded the initial target of 75% and reached 82,62%.

This allows those bondholders who wish to do so, to accede to the agreement even after that date.

Due to the fact that participation was close to the 90% limit, which would automatically lead to the next stage of exchanging bonds worth €250 million with €205 million bonds with maturity date of 2025, Intralot is offered the possibility to implement an alternative plan which will not require the usual recourse to litigation and is activated when a participation percentage of more than 75% is achieved.

This is also demonstrated by the announcement of Intralot S.A., although certain other announcements are postponed for next week, which clearly implies that the company is not oriented towards a Scheme of Arrangement (litigation), but, taking advantage of the current high percentage of participation, will modify its proposal, providing incentives for those willing to participate and disincentives for those willing to be left out.

The announcement of the publicly listed company Intralot, as follows:

“ We refer to the press release issued on January 14, 2021 by Intralot (“INTRALOT”, the Company and, including its subsidiaries, the “Group”), which concerned the conclusion by Intralot of a “lock-up” contract (the” Lock-up Agreement “) with an “ad hoc” group of bondholders (“Ad Hoc Group”), which holds more than 75% of the total “Senior Unsecured Notes” type of bonds, totaling €250 million and due 2021 (“SUNs 2021 Bonds”), in the context of the proposed transactions for the optimization of its capital structure; we also refer to the press release issued on January 22, which announced an extension of the deadline for the public procedure regarding the Lock-up Agreement, so that ”SUNs 2021 Bond” holders who wished to accede to the Lock-up Agreement at this stage, would have to complete the required steps of the procedure no later than 5:00 pm (London time) on February 1, 2021 ( Expiration the “Deadline”).

Following the Expiration of the Deadline, the Company is pleased to announce that on the date of this press release, entities that directly or indirectly hold 82.62% of the total initial capital of the SUNs 2021 Bonds have signed or acceded to the Lock-Up Agreement.

The Company considers this outcome to be an important step towards the implementation of the proposed transaction and would wish to thank the participating bondholders for their support.

With the existing high level of support towards the Lock-up Agreement by the holders of SUNs 2021 Bonds, the Company is convinced that it can carry out the Bond Exchange of 2021 through a course of action that does not require recourse to litigation, although such a procedure (scheme of arrangement) remains as an additional possible option.

Therefore, the Company proceeds to the actions required in order to implement the proposed transaction, while remaining open for discussion with other bondholders.

The Company will provide new information regarding its next steps in the near future.