Financial Services

Macquarie US Trading LLC and Macquarie Capital (USA) Inc. in its US$352.5 million senior secured credit facilities

Macquarie US Trading LLC and Macquarie Capital (USA) Inc.
Expertise
Financial Services
Team
Gregory Wylie

Partner, Tax, Toronto

Desmond Lee

Partner, Corporate, Toronto

On April 8, 2015, The Intertain Group Limited (the “Company”), a Canadian publicly listed company, completed the acquisition of the Jackpotjoy, Starspins and Botemania brands and related assets for an initial purchase price consisting of cash and share consideration worth approximately £425.8 million.

The purchase price was financed through a combination of: (a) the net proceeds of the Company’s C$483 million bought public offering of subscription receipts of the Company; (b) US$352.5 million senior secured credit facilities (the “Credit Facilities”), consisting of a US$335.0 million term loan and a US$17.5 million revolving credit facility, and (c) the issuance of 7,361,365 Intertain shares to Gamesys Limited.

The Credit Facilities were entered into by the Company with, among others, Macquarie US Trading LLC (as administrative agent and collateral agent) and Macquarie Capital (USA) Inc. (as sole bookrunner and sole lead arranger).  The Credit Facilities are guaranteed by the Company’s existing and subsequently acquired or formed wholly-owned direct and indirect subsidiaries, subject to certain exceptions. The obligations of the Company and each guarantor are secured by a perfected first priority security interest in their tangible and intangible assets.

Osler acted for Macquarie US Trading LLC, Macquarie Capital (USA) Inc. and other lenders under the Credit Facilities. The transaction involved complex lending, tax and securities laws issues.  Osler played a key role in the successful completion of the transaction on a tight timeline with a multi-disciplinary team including Michael Hart and Kashif Zaman (Financial Services), Gregory Wylie (Taxation) and Desmond Lee (Corporate Finance & Securities).

Value
US $352.5 million
Date Closed
April 8, 2015
Lead Office
Toronto
Team
Gregory Wylie

Partner, Tax, Toronto

Desmond Lee

Partner, Corporate, Toronto