Enjoy S.A.’s $300 Million Notes Offering


Jones Day, Bofill, Mir & Álvarez Jana Abogados, Guyer & Regules, Cleary Gottlieb Steen & Hamilton, Garrigues and Ferrere have advised on the transaction

The offering, which priced on May 9, 2017, and is expected to close on May 16, 2017, consists of $300 million 10.50 percent senior secured notes due 2022 and is being conducted as a private placement under Rule 144A of the Securities Act of 1933 and outside of the United States in reliance on Regulation S.

The transaction has several unique features and involves a complex collateral package and guarantor structure. The offering includes an initial group of subsidiary guarantors and an initial collateral package, which will be enhanced after the closing. Enjoy will use a portion of the proceeds from the notes to fund the exercise of its $173.1 million call option over Caesar Entertainment’s 55 percent ownership stake in Enjoy Punta del Este.

Following the exercise of this call option, Enjoy will add its equity interest in Enjoy Punta del Este to the collateral package and cause its subsidiary owning Enjoy Punta del Este to become a guarantor of the notes. Enjoy has also agreed to pledge certain Chilean real estate to secure the notes after the closing.

Enjoy, headquartered in Santiago, Chile, is a key player in the private gaming sector in South America with a presence in Chile, Uruguay, Argentina and Colombia.

Jones Day has advised Enjoy S.A. with Boris Dolgonos (Picture), Colleen Laduzinski, Sanjiv Kapur, Peter Devlin, Timothy Orr and Kelly Rubin.

In Chile, Bofill, Mir & Álvarez Jana Abogados has advised Enjoy S.A. with Octavio Bofill, María Ignacia Castro, Daniela Buscaglia, Anamaría Verdugo, Antonia Ballacey and Felipe Davanzo.

In Uruguay, Guyer & Regules has advised Enjoy S.A. with Nicolás Piaggio, María Noel Riotorto and Cecilia Rodríguez.

Cleary Gottlieb has advised the initial purchasers Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, BBVA Securities Inc. and Banco BTG Pactual – Cayman Branch with Jorge Juantorena, Aaron Saunders, Stephanie Fontana, German Savastano and Rachel Shapiro.

Garrigues has advised the initial purchasers with Pedro García, Agustín Fracchia, Francisco Irarrázaval and Sofía Duralde.

Ferrere has advised the initial purchasers with Diego Rodríguez and Carlos Falco.

Involved fees earner: Nicolás Piaggio – Guyer & Regules; María Noel Riotorto – Guyer & Regules; Cecilia Rodríguez – Guyer & Regules; Diego Rodríguez – Ferrere Attorneys; Carlos Falco – Ferrere Attorneys; María Ignacia Castro – BMAJ Bofill Mir & Alvarez Jana Abogados; Octavio Bofill – BMAJ Bofill Mir & Alvarez Jana Abogados; Daniela Buscaglia – BMAJ Bofill Mir & Alvarez Jana Abogados; Anamaría Verdugo – BMAJ Bofill Mir & Alvarez Jana Abogados; Antonia Ballacey – BMAJ Bofill Mir & Alvarez Jana Abogados; Felipe Davanzo – BMAJ Bofill Mir & Alvarez Jana Abogados; Pedro García Morales – Garrigues; Agustín Fracchia Armstrong – Garrigues; Francisco Irarrázaval Armendáriz – Garrigues; Sofía Duralde – Garrigues; Boris Dolgonos – Jones Day; Sanjiv Kapur – Jones Day; Peter Devlin – Jones Day; Timothy Orr – Jones Day; Colleen Laduzinski – Jones Day; Kelly Rubin – Jones Day; Aaron Saunders – Cleary Gottlieb Steen & Hamilton; Jorge Juantorena – Cleary Gottlieb Steen & Hamilton; Stephanie Fontana – Cleary Gottlieb Steen & Hamilton; Rachel Austin Shapiro – Cleary Gottlieb Steen & Hamilton;

Law Firms: Guyer & Regules; Ferrere Attorneys; BMAJ Bofill Mir & Alvarez Jana Abogados; Garrigues; Jones Day; Cleary Gottlieb Steen & Hamilton;

Clients: Morgan Stanley; Banco Bilbao Vizcaya Argentaria (Bbva); Credit Suisse Securities Limited; BTG Pactual(Cayman branch); Enjoy Group;

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Author: Ambrogio Visconti.