Blackstone has allowed its Spanish gambling asset, CIRSA SA, to sanction a €600m [$680m] issuance in debt notes aimed at reducing CIRSA’s corporate debt to just below €2.4bn [$2.7bn].
The transaction, consisting of senior secured notes due to mature in 2030, carries a significant interest rate, as Spanish media continue to speculate on CIRSA’s forthcoming listing on the Madrid Bolsa.
The €600m raised will be used primarily to refinance CIRSA’s debt maturing in October 2025, estimated at €306m, while €280m will be directly injected into the business to reduce leverage.
Remaining funds will cover transaction-related expenses, with Deutsche Bank acting as the lead coordinator of CIRSA’s new debt tranche.
