Brightstar reports €342 million of bonds tendered in refinancing

Brightstar ($BRSL) Lottery announced that approximately €342.2 million of its €500 million outstanding 2.375% notes due in 2028 had been validly tendered. The company intends to accept those notes subject to the tender’s conditions, leaving roughly €157.8 million outstanding after the transaction settles.

The refinancing is supported by a previously priced €500 million issue of 4.875% notes due in 2032. The new borrowing extends maturity but carries a higher coupon, so it should not be described simply as eliminating debt or reducing interest expense. Settlement of the new issue and the tender remain separate steps. The update provides the tender’s participation results, rather than announcing another €500 million financing in addition to the issue already disclosed.

Sources:

• Brightstar Lottery — tender offer results