Evoke completes successful €600m refinancing
Evoke is selling €600m ($704m) worth of bonds and has entered a new revolving credit facility to help alleviate debt pressure.
Key points:
– €600m worth of bonds are now available at an 8% interest rate through Evoke subsidiary 888 Acquisitions
– The company has also opened a new multicurrency credit facility worth £200m
– Money will go primarily towards paying off old debts
Evoke has made €600m ($704m) worth of bonds available to private investment through its wholly owned subsidiary 888 Acquisitions.
The operator is seeking to obtain funds as part of a refinancing strategy that will push back debt deadlines and align debt with expected performance over the next few years.
The bonds will take the form of senior secured notes, meaning the debts are secured against collateral assets.
These notes will be made available on 24 September 2025 and have been priced with an 8% interest rate.
Another aspect of the company’s refinancing efforts includes a new revolving credit facility to replace the existing one.
This will make an equivalent and aggregated amount of £200m ($271m) available to the company, which will comprise of various currencies in order to spread out volatility and align with the group’s cash generation.
Good to know: Evoke’s profitability has soared according to the company’s H1 2025 results, with adjusted EBITDA up 44% year-on-year and CEO Per Widerström attributing the early year success to an “operational reset”
A large portion of the proceeds made accessible via this action will be put towards paying off a previous debt of €582m that is due in 2027.
Otherwise, Evoke will be able to use the funds to cover various fees and costs associated with the refinancing process.
The new bonds will be repayable by 2031 and the company believes the new arrangements will save the company £5m annually on cash interest costs.
CEO Per Widerström has said: “The positive interest in the Offering is testament to the Group’s strengthened performance, strategic progress and return to growth following the reset of our operating model and new value creation plan announced last year.”
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