Inralot, the Greek gaming systems provider, announced plans for a EUR300 million bond sale to refinance the company's outstanding debt and loans. Intralot is the long standing technology provider for sports gambling monopoly OPAP. The company said that they have secured a new and profitable five-year IT contract with OPAP. An OPAP led consortium said that also signed a 12 year contract to run Greece's state lottery. Intralot said that they have put off plans to tap the market for funding due to the unpredictable market conditions.
Intralot said that they would use the proceeds from the bond sale to buy back EUR140 million or US$186 million worth of convertible bonds maturing in 2013. They also said that they will use the funds to refinance part of the company's loans.
Fitch rates Intralot with a B+ and warned the company that it would place a Rating Watch Negative if Intralot failed to raise at least EUR150 million in the new funding.
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