New multi-loan facility strengthens capital structure amid expansion and regulatory pressure
Pan-European lottery operator Allwyn has secured a major €2.15 billion ($2.51 billion) syndicated credit facility, marking a pivotal moment in its financial strategy as the company aims to consolidate debt, support ongoing expansion, and optimise its capital structure.
The new financing package, announced in mid-June, is structured through a complex composition of loan instruments offered by a consortium of international banks. This includes:
€900 million in bullet term loans (due in 5.5 years),
€500 million in delayed drawdown term loans,
€400 million in amortising term loans, and
€350 million in a multi-currency revolving credit facility.
This €2.15bn injection will primarily be used to pay down the outstanding €500m from Allwyn’s previous €1.7bn syndicated facility, and accelerate strategic growth projects across its European and North American markets.
Diversified Financing for Long-Term Agility
A bullet loan structure, which represents the bulk of this new financing, gives Allwyn the advantage of deferring principal repayment to the end of the loan term, thus preserving operational cash flow in the near term. The diversified mix of instruments also offers flexibility across repayment schedules, currencies, and liquidity needs, allowing the company to better manage risk and cost.
Allwyn CFO Kenneth Morton commented on the robust syndication response:
“The level of interest in the transaction reflects strong confidence in our strategy. This new facility continues our proactive capital management – lowering interest costs and extending our debt maturity profile.”
The syndication saw increased commitments from existing lenders and new banks joining the consortium – underlining lender trust in Allwyn’s performance and growth outlook.
Strategic Moves Amid Market Momentum
This financing milestone follows a busy H1 2025 for Allwyn. In Q1, the company reported €3.8bn in net debt and made strides in digital product expansion, including e-instant game launches in Washington DC via its North American arm. In April, Allwyn also received official certification from both the European Lotteries and the World Lottery Association, further solidifying its position as a trusted and compliant operator.
Legal Hurdles and UK Regulatory Scrutiny
Despite financial momentum, Allwyn is also facing regulatory headwinds. The UK Gambling Commission recently launched an investigation into Allwyn’s management of its newly acquired UK National Lottery licence, following allegations related to corporate governance and competition concerns. While the specifics remain undisclosed, the inquiry introduces potential reputational risks just as Allwyn cements its operational footprint in the UK market.
Outlook: Financial Flexibility in a Competitive Landscape
Allwyn’s latest credit arrangement signals a long-term strategic play: strengthening financial resilience while pursuing growth in increasingly competitive and regulated gambling markets. With rising debt costs globally, the ability to secure favourable terms in a syndication deal of this scale reflects investor confidence, underpinned by the company’s diversified market exposure and expanding digital capabilities.
As Allwyn navigates both regulatory oversight and international expansion, this facility could serve as a financial cornerstone for new initiatives, M&A opportunities, and continued innovation across lottery and digital gaming verticals.
