Bally's CorpBALY
Bally's Corp Debt Disclosure
LONG-TERM DEBT
As of December 31, 2025 (Successor) and 2024 (Predecessor), long-term debt consisted of the following:
Successor | Predecessor | |||
(in thousands) | December 31, 2025 | December 31, 2024 | ||
Term Loan Facility(1) | $1,472,594 | $1,886,650 | ||
Intralot British Term Loan | 538,720 | — | ||
Intralot Greek Term Loan | 234,962 | — | ||
Revolving Credit Facility | — | — | ||
Intralot 6.00% Greek Retail Bond due 2029 | 152,726 | — | ||
Fixed Rate Senior Notes: | ||||
5.625% Senior Notes due 2029 | 750,000 | 750,000 | ||
5.875% Senior Notes due 2031 | 735,000 | 735,000 | ||
Intralot 6.75% Senior Secured Notes due 2031 | 704,886 | — | ||
Intralot Floating Rate Senior Notes due 2031(2) | 352,443 | — | ||
Intralot Supplemental Indenture | 2,436 | — | ||
Less: Unamortized original issue discount | — | (19,760) | ||
Less: Unamortized deferred financing fees | — | (33,117) | ||
Less: Unamortized fair value adjustment(3) | (443,110) | — | ||
Long-term debt, including current portion | 4,500,657 | 3,318,773 | ||
Less: Current portion of Term Loan, Intralot Greek Term Loan and Revolving Credit Facility | (37,344) | (19,450) | ||
Long-term debt, net of discount and deferred financing fees; excluding current portion | $4,463,313 | $3,299,323 |
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(1)The Company has a series of interest rate derivatives to synthetically convert $1.0 billion notional of the Company’s variable rate Term Loan Facility into
fixed rate debt, and a series of cross currency swap derivatives to synthetically convert $500.0 million and $200 million notional of the Company’s USD
denominated Term Loan Facility into fixed rate EUR and GBP denominated debt, respectively, through its maturity in 2028. Refer to Note 11 “Derivative
Instruments” for further information.
(2)At December 31, 2025 the interest rate of the Floating Rate Senior Notes was 6.526%.
(3)Represents adjustment to recognize the Company’s existing debt at fair value in the Company Merger, calculated as the difference between the fair value
of the Company’s term loan facility and unsecured notes, estimated based on quoted prices in active markets as of the Closing Date, and the respective
ending principal balances as of February 7, 2025. The adjustment is amortized through Interest expense, net using the effective interest method.
2028 Notes
In connection with the closing of the Merger on February 7, 2025, the Company entered into a note purchase agreement and
issued $500.0 million in aggregate principal amount of first lien senior secured notes due 2028 (the “2028 Notes”) at an annual
interest rate of 11%, payable in cash quarterly in arrears, beginning on April 1, 2025.
On October 8, 2025, the Company paid in full the entire $500.0 million principal balance of its 2028 Notes through a
mandatory redemption of $105.4 million and an optional redemption of $394.6 million plus a make-whole payment pursuant to
the note agreement. In connection with the repayment, the Company paid a total of $540.4 million, including accrued interest.
The Company recorded a loss on debt extinguishment of $57.4 million during the fourth quarter of 2025, which was comprised
of the make whole payment and the acceleration of unamortized debt issuance costs and debt discount, within Other non-
operating income (expense), net in the consolidated statements of operations for the period from February 8, 2025 to December
31, 2025 (Successor).
In connection with the Merger, the Company settled the pre-existing debt of Queen and recorded a loss on extinguishment of
debt of $17.4 million, recorded within “Other non-operating income (expense), net” in the consolidated statements of
operations for the period from February 8, 2025 to December 31, 2025 (Successor).
Unsecured Notes
On August 20, 2021, two unrestricted subsidiaries (together, the “Escrow Issuers”) of the Company issued $750.0 million
aggregate principal amount of 5.625% senior notes due 2029 (the “2029 Notes”) and $750.0 million aggregate principal amount
of 5.875% senior notes due 2031 (the “2031 Notes” and, together with the 2029 Notes, the “Senior Notes”). The Senior Notes
were issued pursuant to an indenture, dated as of August 20, 2021, among the Escrow Issuers and U.S. Bank National
Association, as trustee. Certain of the net proceeds from the Senior Notes offering were placed in escrow accounts for use in
connection with the Gamesys acquisition. On October 1, 2021, upon the closing of the Gamesys acquisition, the Company
assumed the issuer obligation under the Senior Notes. The Senior Notes are guaranteed, jointly and severally, by each of the
Company’s restricted subsidiaries that guarantees the Company’s obligations under its Credit Agreement (as defined below).
The 2029 Notes mature on September 1, 2029 and the 2031 Notes mature on September 1, 2031. Interest is payable on the
Senior Notes in cash semi-annually on March 1 and September 1 of each year, beginning on March 1, 2022.
The Company may redeem some or all of the 2031 Notes at any time prior to September 1, 2026, at prices equal to 100% of the
principal amount of the 2031 Notes to be redeemed plus certain “make-whole” premiums, plus accrued and unpaid interest. The
Company may redeem some or all of the Senior Notes at any time on or after September 1, 2024, in the case of the 2029 Notes,
and September 1, 2026, in the case of the 2031 Notes, at certain redemption prices set forth in the indenture plus accrued and
unpaid interest.
The indenture contains covenants that limit the ability of the Company and its restricted subsidiaries to, among other things, (1)
incur additional indebtedness, (2) pay dividends on or make distributions in respect of capital stock or make certain other
restricted payments or investments, (3) enter into certain transactions with affiliates, (4) sell or otherwise dispose of assets, (5)
create or incur liens and (6) merge, consolidate or sell all or substantially all of the Company’s assets. These covenants are
subject to exceptions and qualifications set forth in the indenture.
Credit Facility
On October 1, 2021, the Company and certain of its subsidiaries entered into a credit agreement (the “Credit Agreement”) with
Deutsche Bank AG New York Branch, as administrative agent and collateral agent, and the other lenders party thereto,
providing for senior secured financing of up to $2.565 billion, consisting of a senior secured term loan facility in an aggregate
principal amount of $1.945 billion (the “Term Loan Facility”), which will mature in 2028, and a senior secured revolving credit
facility in an aggregate principal amount of $620.0 million (the “Revolving Credit Facility”), which will mature in 2026.
The credit facilities allow the Company to increase the size of the Term Loan Facility or request one or more incremental term
loan facilities or increase commitments under the Revolving Credit Facility or add one or more incremental revolving facilities
in an aggregate amount not to exceed the greater of $650.0 million and 100% of the Company’s consolidated EBITDA for the
most recent four-quarter period plus or minus certain amounts as specified in the Credit Agreement, including an unlimited
amount subject to compliance with a consolidated total secured net leverage ratio as set out in the Credit Agreement.
The credit facilities are guaranteed by the Company’s restricted subsidiaries, subject to certain exceptions, and secured by a
first-priority lien on substantially all of the Company’s and each of the guarantors’ assets, subject to certain exceptions.
As of June 30, 2023, with the discontinuation of the LIBOR reference rate, borrowings under the credit facilities bear interest at
a rate equal to, at the Company’s option, either (1) the term Secured Overnight Financing Rate (“SOFR”), adjusted for certain
additional costs and subject to a floor of 0.50% in the case of term loans and 0.00% in the case of revolving loans or (2) a base
rate determined by reference to the greatest of (a) the federal funds rate plus 0.50%, (b) the prime rate, (c) the one-month SOFR
rate plus 1.00%, (d) solely in the case of term loans, 1.50% and (e) solely in the case of revolving loans, 1.00%, in each case of
clauses (1) and (2), plus an applicable margin. In addition, on a quarterly basis, the Company is required to pay each lender
under the Revolving Credit Facility a 0.50% or 0.375% commitment fee in respect of commitments under the Revolving Credit
Facility, with the applicable commitment fee determined based on the Company’s total net leverage ratio.
The credit facilities contain covenants that limit the ability of the Company and its restricted subsidiaries to, among other
things, incur additional indebtedness, pay dividends or make certain other restricted payments, sell assets, make certain
investments and grant liens. These covenants are subject to exceptions and qualifications set forth in the Credit Agreement. The
Revolving Credit Facility contains a financial covenant regarding a maximum first lien net leverage ratio that applies when
borrowings under the Revolving Credit Facility exceed 30% of the total revolving commitment. As of December 31, 2025
(Successor), the Company was in compliance with its covenants under the Credit Agreement.
In September 2025, the Company executed a Third Amendment to the Credit Agreement (“Amendment No. 3”) and an
Incremental Joinder Agreement that collectively extended and increased the revolving credit facility and updated certain
covenants and pricing provisions. Following the effectiveness of these amendments, which was subject to regulatory approvals
and obtained in January 2026, a portion of the revolving credit facility will mature in 2028, while the remaining portion will
mature in 2026. The amendments also provide for reductions in revolving commitments and related prepayments if specified
transactions are completed. The revolving credit facility will continue to bear interest, at the Company’s option, at a SOFR-
based or base-rate benchmark plus an applicable margin determined by the Company’s consolidated total-leverage ratio. The
Credit Facilities continue to be guaranteed by the Company’s restricted subsidiaries (subject to customary exceptions) and
secured by a first-priority lien on substantially all of the assets of the Company and such guarantors. Amendment No. 3 also
refined the financial maintenance covenant applicable to the revolving lenders and reduced the utilization threshold at which the
covenant becomes effective to 25%.
On October 10, 2025, the Company partially repaid a portion of the Term Loan Facility, paying $401.5 million in cash for a
$394.6 million reduction in principal and $6.9 million settlement of accrued interest, and recognized a $18.3 million loss on
extinguishment of debt.
In an effort to mitigate the interest rate risk associated with the Company’s variable rate credit facilities, the Company utilizes
interest rate and cross currency swap derivative instruments. Refer to Note 11 “Derivative Instruments” for further information.
Intralot Debt Assumed at Fair Value
In connection with the Intralot Transaction, the Company assumed Intralot’s debt in an aggregate principal amount of
$1.97 billion, which was recorded at fair value of $1.98 billion. The fair value adjustment of $7.8 million, representing the
difference between the aggregate principal amount and the acquisition-date fair value, is being amortized in interest expense
over the weight-average remaining life of the assumed debt using the effective interest method. For the period from February 8,
2025 to December 31, 2025, (Successor), amortization of the fair value adjustment recognized in interest expense was
$0.4 million. Refer to Note 7 “Business Combinations” for further information.
Intralot Greek Retail Bond
On February 27, 2024, Intralot established a common bond loan program (the “Intralot Greek Retail Bond”) for the issuance of
up to €130.0 million aggregate principal amount of bonds, with a minimum issuance of €120.0 million The bonds admitted to
trading on the Fixed Income Securities category of the Regulated Market of the Athens Stock Exchange. As of December 31,
2025 (Successor), €130.0 million aggregate principal amount ($152.7 million) was outstanding under the Intralot Greek Retail
Bond.
The bonds bear interest at a fixed annual percentage of 6.00% per annum, which will remain fixed throughout the duration of
the bond loan. The interest is payable semi-annually. The Intralot Greek Retail Bond matures February 27, 2029, at which time
the Intralot is obliged to repay the principal in full, together with outstanding accrued interest and any other amounts payable.
The Intralot Greek Retail Bond is an unsecured obligation of Intralot, with the benefit of a first-priority pledge over a
designated bond loan collateral account. The bonds rank pari passu with the claims of all other unsecured creditors of Intralot,
with the exception of claims that have a statutory privilege. The Intralot Greek Retail Bond is not guaranteed by any of
Intralot’s subsidiaries.
Intralot may not redeem the bonds prior to the expiration of the second interest period following the issue date. Thereafter,
Intralot may redeem all or a portion of the bonds, subject to a minimum redemption amount of €15.0 million and a requirement
that at least €50.0 million in aggregate principal amount remain outstanding after any partial redemption. Early redemption is
subject to the payment of applicable premiums.
In the event of a change of control each bondholder has the right to require Intralot to repurchase of part or all of such
bondholder’s bonds at a price equal to 101% of the nominal value, plus accrued and unpaid interest and any additional amounts.
Intralot Greek Senior Facilities Agreement
On October 3, 2025, Intralot Capital Luxembourg S.A. (“Intralot Capital”), a wholly owned indirect subsidiary of the
Company, entered into a Senior Facilities Agreement (the “Intralot Greek Term Loan”) with Alpha Bank S.A., Optima Bank
S.A., Piraeus Bank S.A., CrediaBank S.A. and other parties, providing for an amortizing euro-denominated term loan facility in
an aggregate amount up to €270.0 million of which Intralot has drawn €200.0 million as of December 31, 2025 (Successor).
The Intralot Greek Term Loan bears interest at a rate equal to 7.0% per annum. Interest periods may be selected in accordance
with the agreement terms. The Intralot Greek Term Loan requires semi-annual principal repayments plus accrued interest
through the maturity date of October 8, 2029. Subject to an intercreditor agreement, Intralot Greek Term Loan caries the same
security priority as other senior secured obligations.
Intralot British Pound Term Loan
Intralot Capital is a party to a Senior Facilities Agreement (the “Intralot British Term Loan”) with various lenders and agents,
providing for a settling-denominated term loan facility in an aggregate principal amount of £400.0 million. As of December 31,
2025 (Successor), £400.0 million ($538.7 million) was outstanding under the Intralot British Term Loan.
The Intralot British Term Loan bears interest at a rate equal to SONIA (Sterling Overnight Index Average) plus a margin of
5.5%. Interest periods may be one, three, or six months, or such other periods as agreed among the parties. The Borrower pays
accrued interest on the last day of each interest period.
The Intralot British Term Loan is secured by first-ranking security interests, including pledges of shares in Intralot Capital and
material subsidiaries of Intralot and, in certain jurisdictions, security over substantially all assets of the obligors. The Intralot
British Term Loan matures on October 8, 2031.
Intralot Fixed and Floating Interest Rate Bonds
Intralot Capital has issued €600.0 million aggregate principal amount of 6.750% Senior Secured Fixed Rate Notes due 2031
(the “Intralot Fixed Rate Notes”) and €300.0 million aggregate principal amount of Senior Secured Floating Rate Notes due
2031 (the “Intralot Floating Rate Notes” and, together with the Intralot Fixed Rate Notes, the “Intralot Notes”), pursuant to an
indenture dated September 30, 2025 (the “Intralot Indenture”) among Intralot Capital, Intralot, and its subsidiaries, as guarantor,
and The Law Debenture Trust Corporation p.l.c., as trustee. As of December 31, 2025 (Successor), the full €900.0 million
aggregate principal amount ($1.1 billion) of the Intralot Notes was outstanding.
The Intralot Fixed Rate Notes bear interest at a fixed rate of 6.750% per annum, payable semi-annually, commencing on April
15, 2026. The Intralot Floating Rate Notes bear interest at a rate per annum, reset quarterly, equal to three-month EURIBOR
(subject to a 0% floor) plus 4.500%, payable quarterly, commencing on February 28, 2026. The Intralot Notes mature on
October 15, 2031.
The Intralot Notes are senior secured obligations of Intralot Capital, secured by first-ranking security interests (to the extent
legally possible) over the share of obligors and material subsidiaries, structural intercompany receivables, and to the extent
customary in the applicable jurisdiction, substantially all assets of the obligors. Enforcement of security is subject to an
intercreditor agreement, and the Intralot Notes may share collateral on an equal ranking or junior basis with other permitted
indebtedness as described in the Intralot Indenture.
The Intralot Notes are unconditionally guaranteed, jointly and severally, by Intralot and future guarantors that is required to
become a guarantor under the Intralot Indenture. The guarantees are subject to customary limitations under applicable law.
The Intralot Fixed Rate Notes may be redeemed at the option of Intralot Capital, in whole or in part, at any time on or after
October 15, 2027, at determined redemption prices over time, plus accrued and unpaid interest. Prior to October 15, 2027,
Intralot Capital may redeem the Intralot Fixed Rate Notes at a premium, which is the greater of (a) 1% of the outstanding
principal amount and (b) the present value of the redemption price at October 15, 2027 plus all required interest payments
through that date, computed using a discount rate equal to the Bund Rate plus 50 basis points, over the outstanding principal
amount.
The Intralot Floating Rate Notes may be redeemed at the option of Intralot Capital at any time on or after October 15, 2026, at a
redemption price equal to 100.0% of the principal amount redeemed plus accrued and unpaid interest.
In addition, prior to October 15, 2027 (in the case of Intralot Fixed Rate Notes) or October 15, 2026 (in the case of Intralot
Floating Rate Notes), Intralot Capital may redeem up to 40% of the aggregate principal amount of the Intralot Notes with the
net cash proceeds of certain equity offerings at a redemption price equal to 106.750% (in the case of Intralot Fixed Rate Notes)
of the principal amount plus accrued and unpaid interest, subject to certain conditions, including that at least 50% of the original
aggregate principal amount of the Intralot Notes must remain outstanding immediately after each such redemption.
The Intralot Notes are not convertible into equity securities of Intralot Capital or any other entity.
Intralot Super Senior Revolving Credit Facility
Intralot Capital is a party to a Super Senior Revolving Credit Facility Agreement (the “Intralot RCF Agreement”) with various
lenders and agents, providing for revolving credit commitments in an aggregate principal amount equal to the greater of
€190.0 million and 40.0% of Intralot’s four-quarter consolidated EBITDA. The facility may be utilized by way of revolving
loans, letters of credit, or ancillary facilities. The minimum utilization amount is €0.5 million for euro-denominated borrowings.
The Intralot RCF Agreement initially bears interest at the applicable reference rate plus a margin of 4.50% per annum, subject
to future leverage-based adjustments ranging from 4.75% to 3.75% based on Intralot’s senior secured net leverage ratio.
Intralot Capital pays a commitment fee equal to 30% of the applicable margin on unused commitments, payable quarterly in
arrears. Letter of credit fees are equal to the applicable margin for revolving loans, plus a fronting fee of 0.125% per annum.
The facility matures on July 1, 2030.
As of December 31, 2025 (Successor), the Company had no borrowing outstanding under the Intralot RCF Agreement, no
letters of credit outstanding, and €190.0 million of unused commitments available.
The Intralot RCF Agreement is subject to mandatory prepayment upon a change of control and customer conditions precedent
to borrowing. The Intralot RCF Agreement contains customary covenants, including limitations on incurring additional
indebtedness and issuance of disqualified stock and preferred stock; restricted payments; liens; asset sales; transactions with
affiliates; and reporting requirements. The financial covenants include the maintenance of a senior secured net leverage ratio,
tested quarterly, as well as a total net leverage ratio not exceeding 4.75:1.00.
The Intralot Indenture and the Company's credit agreements contain customary restrictive covenants, including limitations on
incurring additional indebtedness and the issuance of disqualified stock and preferred stock, restricted payments, liens, asset
sales, and transactions with affiliates; and reporting requirements.
If the Intralot Notes or facilities obtain investment grade ratings from two rating agencies and no default has occurred and is
continuing, certain of these covenants will be suspended. Upon a reversion date (when the instruments no longer maintain
investment grade ratings from two rating agencies), the suspended covenants will be reinstated with respect to future events.
The Company's debt agreements contain customary cross-default and cross-acceleration provisions.
As of December 31, 2025 (Successor), the Company was in compliance with all covenants under its debt agreements and there
were no defaults in principal, interest, sinking fund, or redemption provisions with respect to any of its outstanding
indebtedness. No waivers of acceleration or covenant violations were in effect as of December 31, 2025 (Successor).
Debt Maturities
As of December 31, 2025 (Successor), the contractual annual principal maturities of long-term debt, including the Revolving
Credit Facility, are as follows:
(in thousands) | |
2026 | $37,344 |
2027 | 66,442 |
2028 | 1,492,434 |
2029 | 1,014,333 |
2030 | — |
Thereafter | 2,333,214 |
$4,943,767 |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 23, 2026 | Showing above |
| 2024 | Mar 17, 2025 | |
| 2023 | Mar 15, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Mar 10, 2021 | |
| 2019 | Mar 13, 2020 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.