Research Update: Odyssey Europe Holdco (Olympic Entertainment) Assigned Preliminary 'B' Rating; Outlook Stable

Estonia-based gaming company, Odyssey Europe Holdco S.a.r.l, (Olympic Entertainment Group AS) is a leading provider of casinos and both land-based and online gaming services--primarily in the Baltic region. On April 4, 2018, Novalpina Capital launched a voluntary takeover (VTO) to acquire Olympic Entertainment by offering €1.9 for each share in cash, valuing the entire issued capital at approximately €288 million. The proposed VTO is financed through a €13.8 million drawn super senior revolving credit facility, €200 million senior secured notes, and an additional injection of €90 million common equity, leading to an adjusted debt-to-EBITDA ratio of 4.6x. We are assigning our preliminary 'B' issuer credit rating to Odyssey Europe Holdco S.a.r.l (Olympic Entertainment Group). At the same time, we are

...+ Estonia-based gaming company, Odyssey Europe Holdco S.a.r.l, (Olympic Entertainment Group AS) is a leading provider of casinos and both land-based and online gaming services--primarily in the Baltic region. + On April 4, 2018, Novalpina Capital launched a voluntary takeover (VTO) to acquire Olympic Entertainment by offering 1.9 for each share in cash, valuing the entire issued capital at approximately 288 million. + The proposed VTO is financed through a 13.8 million drawn super senior revolving credit facility, 200 million senior secured notes, and an additional injection of 90 million common equity, leading to an adjusted debt-to-EBITDA ratio of 4.6x. + We are assigning our preliminary 'B' issuer credit rating to Odyssey Europe Holdco S.a.r.l (Olympic Entertainment Group). + At the same time, we are assigning our preliminary 'B' issue-level rating to the proposed 200 million senior secured notes due in 2023. + The stable outlook reflects our expectation that Olympic Entertainment will...

Research Update