Odyssey Europe Holdco S.a r.l. (Odyssey), parent of Baltic gaming group Olympic Entertainment (Olympic), faces heightened refinancing risk since its €200 million notes are due in December 2025, meaning the group has less than 12 months to address this debt maturity. With about €42 million cash on the balance sheet as of end-November 2024 (and materially the same at end-2024), and no available committed credit lines, the group lacks sufficient funds to repay its €200 million upcoming debt maturity, weakening the group's liquidity profile. Management has indicated that the group has appointed Rothschild&Co. to launch a private debt process to refinance its notes, although we understand the process is at an early stage. We therefore lowered our long-term
