Inspired Entertainment has just pulled the trigger on a big refinancing move. The company lined up £270 million in senior secured notes and locked in a new £17.8 million credit facility. This fresh round of Inspired Entertainment financing aims to clean up older debt and create a bit more breathing room.

• The £270 million in senior secured notes were issued by one of Inspired’s subsidiaries and will come due in June 2030. The interest floats at SONIA plus a margin of 5.5% to 6%, depending on how the Group’s leverage looks. This setup links cost of debt to financial performance, which has become more common in recent deals.

• Several big players picked up the notes, including Barclays Bank, HG Vora, and BSE Investments. The cash raised is going toward paying off £235 million in notes that were set to mature in 2026. Inspired is also clearing out £15 million in loans under its now-replaced credit facility.

• The new £17.8 million revolving credit facility runs through to December 2029 and comes with an interest margin of 3.25% to 3.75% over SONIA. Like the notes, the margin flexes with the company’s leverage ratio. This replaces the previous £20 million facility, which is now fully retired.

• Barclays handled both the credit facility and part of the notes deal. Stifel stepped in as financial advisor and handled debt financing duties. Davis Polk took care of the legal side of things for Inspired.

• The company said this refinancing should help sharpen its balance sheet and improve financial flexibility. “This transaction strengthens our balance sheet and supports future growth,” said Inspired. With this deal, the company brings down its near-term debt pressure and repositions for the years ahead.

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