Bally's Corporation (BALY) Announces Commencement Of Common Stock And Tangible Equity Unit Offerings

April 13, 2021 7:01 AM EDT
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Bally's Corporation (NYSE: BALY) ("Bally's") today announced that it has commenced concurrent public offerings, subject to market and other conditions, of $600 million of its common stock and $250 million of its tangible equity units ("Units"). Bally's intends to grant the underwriters in each of the offerings an option for a period of 30 days to purchase up to an additional 15% of common stock or Units, as applicable.

Bally's expects to apply the net proceeds from the offerings to fund a portion of the cash consideration payable to shareholders of Gamesys Group plc ("Gamesys") upon consummation of the previously announced combination of Bally's and Gamesys (the "Combination"). If the Combination is not consummated, Bally's expects to apply the net proceeds from the offerings for general corporate purposes, which may include repayment of debt, repurchases of its common stock, the redemption of the Units, capital expenditures, acquisitions and investments.

The common stock offering and Unit offerings are separate public offerings made by means of separate prospectus supplements and are not contingent on each other or upon the consummation of the Combination.

Each Unit will consist of a prepaid stock purchase contract and an amortizing note due April 15, 2024, each issued by Bally's. Unless earlier settled or redeemed, each stock purchase contract will automatically settle on April 15, 2024 (subject to postponement in certain limited circumstances) for shares of Bally's common stock. The amortizing notes will pay equal quarterly cash installments that will constitute a payment of interest and a partial repayment of principal. The amortizing notes will have a final installment payment date of April 15, 2024 and will be unsecured senior obligations of Bally's.

Bally's common stock is listed on the New York Stock Exchange under the symbol "BALY" and Bally's has applied to list the Units on the New York Stock Exchange under the symbol "BALX."

Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and Barclays Capital Inc. are the joint book-running managers for the offerings.



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