Sidley advised gaming technology company Inspired Entertainment, Inc. on its offering of £235 million 7.875% senior secured notes due 2026 and new £20 million super senior revolving facility.
The notes were issued by Inspired Entertainment (Financing) plc, a wholly owned finance subsidiary of Inspired, and guaranteed by Inspired and certain of its English and U.S. subsidiaries. Inspired used the proceeds from the offering of the notes (i) to repay its existing £145.8 million senior secured term loan facility and €93.1 million senior secured term loan facility and accrued interest thereon, (ii) to pay fees, commissions, and expenses incurred in connection with the refinancing, and (iii) for general corporate purposes, including to close out derivative contracts entered into in connection with the existing term loan facilities. As part of the refinancing, Sidley advised Inspired on putting into place a new 4.5-year £20 million super-priority senior secured revolving credit facility.
The Sidley team was led by partners Alan Grinceri (Capital Markets), Bryan Robson (Global Finance), and Beth E. Berg (M&A), and supported by Dominic J. T. Nelson and Zahira Butt (Capital Markets); Sofie Nordgren and Romain Tourenne (M&A); Nils Gravenhorst, Colin Vo Kavanaugh, and Arjun Sehgal (Global Finance); Jason Menzies and Laurence Wilcock (Tax).