Research Update: Baltic Gaming Group Odyssey Europe Upgraded To 'CCC+' After Debt Refinancing, Strong First Quarter; Outlook Positive - S&P Global Ratings’ Credit Research

Research Update: Baltic Gaming Group Odyssey Europe Upgraded To 'CCC+' After Debt Refinancing, Strong First Quarter; Outlook Positive

Research Update: Baltic Gaming Group Odyssey Europe Upgraded To 'CCC+' After Debt Refinancing, Strong First Quarter; Outlook Positive - S&P Global Ratings’ Credit Research
Research Update: Baltic Gaming Group Odyssey Europe Upgraded To 'CCC+' After Debt Refinancing, Strong First Quarter; Outlook Positive
Published Jul 26, 2022
7 pages (3072 words) — Published Jul 26, 2022
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

Odyssey extended the maturity on its €200 million senior secured notes by two years to Dec. 31, 2025, and repaid and cancelled a €25 million revolving credit facility (RCF). The inclusion in Odyssey's accounts of its online gambling business, Olybet, and the group's operations in Lithuania and Croatia, increased pro forma EBITDA by about €25 million in 2021, and leads to pro forma adjusted debt to EBITDA of 8.5x-9.0x at the end of 2021. We raised our rating on Odyssey to 'CCC+', from 'CCC'. The positive outlook reflects our belief that the company's leverage could decline to 5.5x-6.5x by the end of 2022 and that its liquidity is adequate after the amend and extend transaction. The maturity date of Odyssey's

  
Brief Excerpt:

...- Odyssey extended the maturity on its 200 million senior secured notes by two years to Dec. 31, 2025, and repaid and cancelled a 25 million revolving credit facility (RCF). - The inclusion in Odyssey's accounts of its online gambling business, Olybet, and the group's operations in Lithuania and Croatia, increased pro forma EBITDA by about 25 million in 2021, and leads to pro forma adjusted debt to EBITDA of 8.5x-9.0x at the end of 2021. - We raised our rating on Odyssey to '###+', from '###'. - The positive outlook reflects our belief that the company's leverage could decline to 5.5x-6.5x by the end of 2022 and that its liquidity is adequate after the amend and extend transaction....

  
Report Type:

Research Update

Issuer
Odyssey Europe Holdco S.a r.l
GICS
Asset Management & Custody Banks (40203010)
Sector
Global Issuers
Country
Luxembourg
Region
Europe, Middle East, Africa
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Baltic Gaming Group Odyssey Europe Upgraded To 'CCC+' After Debt Refinancing, Strong First Quarter; Outlook Positive" Jul 26, 2022. Alacra Store. May 20, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Baltic-Gaming-Group-Odyssey-Europe-Upgraded-To-CCC-After-Debt-Refinancing-Strong-First-Quarter-Outlook-Positive-2871224>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Baltic Gaming Group Odyssey Europe Upgraded To 'CCC+' After Debt Refinancing, Strong First Quarter; Outlook Positive Jul 26, 2022. New York, NY: Alacra Store. Retrieved May 20, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Baltic-Gaming-Group-Odyssey-Europe-Upgraded-To-CCC-After-Debt-Refinancing-Strong-First-Quarter-Outlook-Positive-2871224>
  
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