Cirsa has launched a €500m ($571.7m) senior secured notes offering due 2032 through Cirsa Finance International, with proceeds earmarked for refinancing and general corporate purposes.
The Spanish gaming operator said the issue, if completed, will be used to redeem the full €375m outstanding principal of its 7.875% senior secured notes due 2028, alongside the redemption premium and accrued interest.
Funds will also cover fees and expenses linked to the transaction, with remaining proceeds available for acquisitions, debt repayment and working capital needs.
The refinancing comes after Cirsa reduced leverage following its 2025 IPO in Spain. The Blackstone-backed operator went public in Madrid after raising capital partly intended for debt reduction and growth, while maintaining operations across Spain, Italy, Morocco, Latin America, Portugal and Puerto Rico.
Cirsa reported net operating revenues of €623m in Q1 2026, up 8% year-on-year, while EBITDA rose 8.5% to €193.9m. Net debt stood at €2.05bn at the end of March, with net debt to LTM EBITDA at 2.69x.
The bond issue also follows further rating agency attention on Cirsa’s capital structure. S&P Global Ratings assigned the proposed notes a BB- issue rating, in line with the operator’s existing senior secured debt rating.
Last month, Cirsa completed the refurbishment of Casino Rock & Jazz in Bogotá through Winner Group, its Colombian subsidiary, which operates 78 venues across 30 cities.
Cirsa’s Colombian business includes several casino brands, including Broadway, Hollywood, Havana, Río and Caribe
