Milbank Advises Allwyn on Its Offering of €665M Senior Secured Notes Due 2030 and $700M Senior Secured Notes Due 2029

Milbank LLP advised Allwyn in connection with its high yield bond offering of €665 million senior secured notes due 2030 and $700 million senior secured notes due 2029 (the “Offering”).

Allwyn intends to use the net proceeds from the Offering to redeem in full its 4.125% senior secured notes due 2024, to repay the preferred shares issued by Allwyn AG, its parent company, to repay drawings under its revolving credit facility, and for general corporate purposes.

Allwyn is a leading multinational lottery operator. It operates lotteries in multiple European countries, including Austria, the Czech Republic, Greece and Cyprus, Italy and the United Kingdom, in addition to operating the Illinois Lottery in the United States under a private management agreement.

The Milbank team was led by European Leveraged Finance/Capital Markets partner Apostolos Gkoutzinis, with special counsel Joji Ozawa, associate Alexia Pimbli, law clerk Christos Karavias and legal assistant Panos Apostolidis. The team also included London Leveraged Finance partner Sarbajeet Nag, associate Simeon-Henri de Vries and trainee solicitor Shaun Morrison, and Corporate partner Andrej Wolf and associate Kate Meils; New York Alternative Investments partner Catherine Leef Martin and special counsel Megha Kalbag; New York Tax partner Eschi Rahimi-Laridjani and associates David Hanno and Howard Perlman; and London Tax partner Russell Jacobs and special counsel Andrew Callaghan.