Löwen Play gambles with refi, divi junk bond

By Stefanie Linhardt
31 Jan 2014

Löwen Play is the latest in a spate of gambling companies entering the high yield bond market. The German company, owned by Ardian — the former Axa Private Equity — is looking for €265m of floating rate notes.

Löwen Play is one of the largest private arcade operators in Germany, with a nationwide network of 316 gaming outlets and 8,502 gaming machines falling under the ‘amusements with prizes’ category.

The senior secured bond has a slightly unusual six year non-call two structure — high yield FRNs ...

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