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Codere Seeks New Investment Options to Refinance its Corporate Debt Bonds
Spanish gambling operator Codere SA is seeking new investment options to refinance its long-standing €900 million corporate debt bonds.
Closing March trading, Moody’s downgraded Codere bonds to a “CAA1 classification,” the solvency ranking used to describe a “high risk junk bond” which holds a negative outlook for investors.
The Spanish gambling group has sanctioned Bank of America to lead renegotiations with bond holders for a further two-year extension on debt maturity terms which are set to expire in 2021.
Bank of America will have to convince Codere debt holders to maintain their investments within the company, having seen bond values plummet to from €0.90 to €0.35.
Codere’s €900 million long-term debt has been primarily amassed as part of the firm’s 2015 restructuring led by US private equity firms, which saw the legacy operator avoid bankruptcy.
