BOULOGNE-BILLANCOURT, France--(BUSINESS WIRE)--Regulatory News:
La Française des Jeux (FDJ) (Paris:FDJ), France’s leading gaming operator, announces that it has taken out a €380 million syndicated loan. The company will use the loan to finance payment to the French state of the financial consideration to secure its exclusive 25-year rights to operate lottery games at points of sale and online and sports betting at points of sale.
Under the terms of the “PACTE Act” enacted on 23 May 2019, the Ordinance of 2 October 2019 reforming the regulation of gaming set the period during which FDJ will retain its exclusive rights at 25 years and stipulated that the financial consideration must be paid by 30 June 2020. The amount of this consideration was set at €380 million in the schedule of conditions approved by the Decree of 17 October 2019.
As indicated at the time of its initial public offering, FDJ considered various financing methods, including a syndicated loan. The Group selected this solution to take advantage of the favourable interest rate environment and align the repayment schedule with its exclusive rights period.
On 1 April, FDJ took out a €380 million floating-rate syndicated loan, repayable on a straight-line basis over 20 years, from five French banks. The financing was coordinated by Caisse d’Epargne Ile de France as Joint Mandated Arranger and Agent, with BRED, Caisse d’Epargne Hauts de France, Caisse Régionale de Crédit Agricole Mutuel de Paris et d'Ile de France and Crédit Lyonnais acting as Joint Mandated Arrangers.
This loan further strengthens FDJ’s financial position, which is already extremely robust.
About La Française des Jeux (FDJ Group)
France’s national lottery and leading gaming operator, the #2 lottery in Europe and #4 worldwide, FDJ offers secure, enjoyable and responsible gaming to the general public in the form of lottery games (draws and instant games) and sports betting (ParionsSport), available from physical outlets and online. FDJ’s performance is driven by a portfolio of iconic and recent brands, the #1 local sales network in France, a growing market, recurring investment and a strategy of innovation to make its offering and distribution more attractive with an enhanced gaming experience.
FDJ Group is listed on the Euronext Paris regulated market (Compartment A – FDJ.PA) and is included in the SBF 120 and STOXX Europe 600 indices.
For further information, www.groupefdj.com