Gaming platform, content and services provider Playtech announced Tuesday the appointment of Samy Reeb to the Board as a new Independent Non-Executive Director, effective immediately.
Reeb brings extensive experience working with global businesses largely across wealth and tax advisory, the company noted. He began his career in tax advisory at Ernst & Young and tax management at Credit Suisse, before focusing on wealth advisory as an Executive director at Julius Baer, and subsequently joining 1291 Group as Managing Partner. And over the years, Reeb developed “a leading franchise advising on the financial affairs of many Asia-based ultra-high net worth clients,” Playtech said.
Brian Mattingley, Non-Executive Chairman, commented: “I am delighted to welcome Samy to Playtech. His broad skillset and extensive knowledge of Asia will provide additional depth and experience to the Board. We all look forward to working with him as we continue to execute the group’s strategy.”
The company’s current strategy has seen the business announce the successful refinancing of its current debt facilities late last year. The group first announced on its September interim results that it had been engaged “in a comprehensive review of options” to refinance the EUR 530 million ($519 million) senior secured notes and the company’s revolving credit facility (RCF), both of which mature in Q4, 2023.
The company has now entered into an amended EUR 277 million ($271 million) RCF until October 2025, with a further one-year extension option. Based on its ‘strong’ balance sheet and cash generation, Playtech is also serving notice to redeem at par €330 million ($323 million) of the €530 million ($518 million) senior secured notes due to mature in October 2023. This will be funded using current cash balances with the amended RCF expected to remain undrawn following the early redemption, the company noted.
Original article: https://www.yogonet.com/international/news/2023/01/06/65625-playtech-appoints-samy-reeb-as-independent-nonexecutive-director
