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Codere reaches an agreement with its creditors for the definitive recapitalization of the group

Madrid, June 13, 2024.- Codere Group, a leading multinational in the entertainment and gaming sector, has taken a decisive step towards its consolidation and growth with the signing of a comprehensive recapitalization agreement.

As a result of this operation, the corporate debt will be established in a single instrument for an amount of 128 million euros, with a considerable reduction of more than 1,200 million euros. This will allow the group to significantly reduce interest costs, thanks to the notable reduction in debt and the advantageous conditions achieved.

Once the operation closes, Codere's leverage will be approximately 0.9x its pre-FRS16 adjusted EBITDA for fiscal year 2023, which demonstrates the confidence of its creditors and shareholders in the future of the group and allows the organization focus on fulfilling its strategic plan, growth and generating long-term value.

The company will receive additional liquidity in the amount of 60 million euros, of which 20 million euros are expected to be received in July.

The operation involves the transfer of ownership of the Codere operating group to its creditors and providers of new financing, and is backed by a significant majority of Codere's current bondholders and shareholders.
The company expects the recapitalization to be completed by the end of the third quarter of 2024, once all the usual formal and procedural requirements for this type of operation are met.
About Codere
Codere is a gaming operator, a benchmark in the entertainment and gaming sector internationally, with presence in seven countries in Europe - Spain and Italy - and Latin America - Argentina, Mexico, Panama, Colombia and Uruguay -, which operates gaming machines. game, bingo stands and sports betting terminals in an omnichannel manner, both through the online channel and through points of sale that include game rooms, arcades, bars, betting rooms and racetracks.

Codere with Responsible Gaming

Codere is firmly committed to the development of a gaming offer with all the guarantees for the user, and to this end it carries out its activity by implementing the best responsible gaming practices, promoting transparency and promoting public policies that favor user guarantees, ensuring the protection of vulnerable groups and ensure the sustainability of the industry.