Codere Gets Loan to Refinance as Bond Coupon Deadline Looms
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Codere SA, the Madrid-based gaming company that didn’t pay a bond coupon last month, agreed terms on a 99 million-euro ($128 million) six-month loan to replace debt that fell due in June.
The facility, which replaces a 60 million-euro credit line, pays either 8.5 percent or 7.5 percent more than benchmark rates, whichever is higher, according to a company filing. Lenders, which Codere didn’t identify, will allow the company to use the new borrowing to pay the missed coupon.