Spanish gaming company Cirsa Gaming Corporation S.A. offered to exchange EUR500 million of its existing high yield bonds for a new 2020-dated bond carrying a higher coupon.

The company, which is issuing the bond through its finance subsidiary Cirsa Funding Luxembourg S.A., said the purpose of the exchange was to extend its debt maturities. The new 2020, 9.25% senior, secured bond is the first European high yield bond announced in 2010.

Cirsa, based in Terrassa, Spain, is offering to exchange is EUR230 million, 7.875%, 2012-dated notes and its EUR270 million, 8.75%, 2014-dated notes for the new bond. If bondholders tender before Jan. 22, the notes will be exchanged at par. After that deadline but before the offer expiration on Feb. 8, the notes will be exchanges at 97% of face value.

The offer is conditional on majority consent being received from holders of the 2012 and 2014 notes.

Cirsa, founded in 1978, has 13,000 employees, more than 200 companies, and is rated B2 by Moody's Investors Service Corp.

Source: easy BOURSE