Codere completes recapitalisation process to reduce debt by more than €1bn
Operator’s net debt falls to around €60m as business welcomes “a new stage of financial stability and strategic growth”
Codere has completed its global recapitalisation process which has seen the operator reduce its debt significantly by more than €1bn.
Following the financial restructuring, the company has said it reduced its corporate gross debt from €1.4bn to approximately €190m.
This translates to net debt of around €65m, equivalent to 0.5x Codere’s adjusted EBITDA for 2023.
The recapitalisation, completed by 15 October, was aided by a cash injection of roughly €60m which the operator said will enhance its business plan and “strengthen its solvency and financial health”.
The firm has also claimed that the recapitalisation process will mark “the beginning of a new stage of financial stability and strategic growth for the company”.
That strategic growth includes expanding further in its key Latam and European markets in moves which the operator said would “consolidate its leadership in the sector”.
Codere CEO Gonzaga Higuero said: “The operation is a decisive success for Codere, a guarantee of the future that ensures our financial position and relaunches the company’s ability to achieve the growth objectives set.
“We appreciate the trust of our customers, the support of our investors and the commitment of our team. We are prepared to generate value for all our stakeholders.”
Codere Online, a subsidiary of Codere, recorded net gaming revenue of €54.4m for Q2 2024, representing to a 39% year-on-year increase.
This figure was boosted by positive results from Euro 2024 and the Copa América, in addition to strong performances in Spain and Mexico.
Back in June, the company also appointed Gabriel Saenz de Buruaga, Taavi Davies and Claude Noesen to its board of directors on initial one-year terms.