Bally’s Corporation Announces Amendments to Its Revolving Credit Facility

Bally’s Corporation announced that it secured an extension of the October 1, 2026 maturity of $460 million of its revolving credit facility (RCF) commitments to a new extended maturity tranche date of October 1, 2028. In addition, all RCF lenders, representing $620 million in commitments, consented to the proposed sale and leaseback of the Company’s Twin River Lincoln Casino Resort (the SLB Transaction) pursuant to an existing agreement between the Company and Gaming and Leisure Properties Inc. (GLPI – Nasdaq) for cash proceeds of $735 million before transaction expenses and taxes. Upon receiving similar consents to the SLB Transaction from holders of at least approximately $630 million of term loans, which represent approximately 33% of currently outstanding amounts, the Company will have received sufficient consent from its senior secured lenders to proceed with the SLB Transaction. The amended RCF financing and the proposed SLB Transaction are subject to the approval of various regulatory authorities.

Bally’s has agreed with its RCF lenders, that upon completion of the SLB Transaction, Bally’s will take actions to reduce secured debt and credit facilities outstanding by an aggregate amount of $500 million, with first a permanent reduction of outstanding RCF commitments by 7.5%, to approximately $574 million, and thereafter to prepay Bally’s outstanding term loan and first lien notes on a pro rata basis, or an approximate 19% reduction of such outstanding balances. The net sale proceeds after transaction expenses and provision for taxes from the SLB Transaction are expected to reduce outstanding RCF drawings.

If the SLB Transaction is consummated, based upon the agreed amendments with Bally’s RCF lenders, and if similarly ratified by Bally’s term loan lenders, the combined outstanding balances of Bally’s term loans and first lien notes is expected to be reduced from approximately $2.4 billion to approximately $1.94 billion. Separately, Bally’s continues to make progress towards the consummation of its announced €2.7 billion sale transaction of Bally’s International Interactive business to Intralot S.A., which is expected to close during the fourth quarter of 2025. Bally’s is expected to receive approximately €1.5 billion in cash, with the balance of the consideration to be received in Intralot stock, which when combined with Intralot shares currently held by Bally’s, will result in pro forma ownership by Bally’s in excess of 60% of outstanding equity interest in the combined company. Accordingly, Bally’s is expected to receive its pro rata dividend distributions when paid by Intralot S.A., based upon local statutory provisions that require a minimum of 35% of net income to be paid out to shareholders as dividends.