Summary
- Evoke proudly announced that it has successfully priced €600 million in senior secured notes.
- Exciting news! Later this month, we'll be issuing bonds due in 2031, offering an attractive 8% interest rate.
- Alongside their latest announcement, Evoke shared that they have secured a new revolving credit facility and expect to slightly reduce their debt.
Evoke plc, the powerhouse behind globally respected brands like 888, William Hill, and Mr Green, has unveiled ambitious plans to sell bonds through a subsidiary. This strategic move aims to refine debt, secure a new credit facility, and extend debt deadlines, showcasing their commitment to future growth and financial stability.
The pricing of the senior secured notes was completed via 888 Acquisitions Limited
Late last week, the company proudly announced it had successfully completed the pricing of €600 million, equivalent to $705.7 million, in bonds through its wholly owned subsidiary, 888 Acquisitions Limited. These senior secured notes promise an appealing 8% interest rate and are set to mature in 2031. Evoke shared in a statement that these notes are slated for issuance on September 24, 2025, and will be exempt from the registration requirements of the U.S. Securities Act of 1933. In a significant move, the company also revealed that it has secured a new multicurrency revolving credit facility, totaling £200 million. This new facility, established under the Senior Facilities Agreement, is set to replace its existing revolving credit lines, marking a bold step towards strengthening financial flexibility.
Evoke's boss is pleased with the strategic move
Per Widerström, the CEO of Evoke, expressed his satisfaction with the company's latest financial achievements: I'm thrilled to announce that we've secured a new revolving credit facility and managed to refinance our debt. This step not only brings down our interest expenses but also ensures that we have no major debt maturing before 2028. He further emphasized, The strong interest we've seen in the Offering is a true testament to the Group's bolstered performance, strategic advancements, and renewed growth following our redefined operating model and the introduction of our new value creation plan last year. In wrapping up his thoughts, Widerström added, We are wholeheartedly committed to executing our plans, reducing debt, and delivering value to all our stakeholders. The recent strategic move also aims to extend Evoke's financial maturity horizon, effectively eliminating major debt obligations until 2028. The company is also poised to decrease its net debt modestly by £17 million ($20 million), while optimizing the currency composition of its debt to better align with its cash generation capabilities.
