Gaming operator launches €30m bond issue
IZI Finance plc obtained regulatory approval last week for a €30 million unsecured bond issue carrying a coupon of 4.25 per cent per annum and maturing in 2029.
Although this is IZI’s first fund raise on the Malta Stock Exchange and, therefore, most investors might not be so familiar with the company’s name and business activities, the group has been in operation for several years. IZI has been a majority shareholder of the operator of the Dragonara Casino since June 2010.
Moreover, the group has a network of 36 high street stores (branded ‘IZIBET’) through which it offers electronic gaming machines (EGMs) and retail sports betting (including virtual sports and e-sports), apart from operating the largest bingo hall in Malta, located in Buġibba.
The more important development for the group, and one of the major reasons for the new bond issue, is the recent successful tender for a 10-year concession agreement with the government for the exclusive operation of the National Lottery as from early July 2022.
The National Lottery has been operated by Maltco Lotteries Ltd since privatisation in 2004, and its product portfolio goes beyond the highly popular Grand Lottery, Lotto and Super...