Evoke Completes €600m Refinancing with New Bonds and Credit Facility

The refinancing package consists of new bonds issued through its wholly owned subsidiary, 888 Acquisitions, alongside the launch of a new revolving credit facility.

The company is making €600m worth of senior secured notes available to private investors at an 8% interest rate. These notes are backed by collateral assets and will officially be issued on 24 September 2025. As part of its refinancing strategy, Evoke plans to use the proceeds to cover existing liabilities, most notably a €582m debt due in 2027, while also allocating a portion of funds toward associated fees and transaction costs. The new bonds are set to mature in 2031, providing the company with additional breathing room.

In addition to the bond issuance, Evoke has opened a £200m ($271m) multicurrency revolving credit facility, which replaces its previous arrangement. The new facility allows the operator greater flexibility by spreading currency exposure across multiple denominations. This aligns more closely with Evoke’s international cash flows and will help mitigate volatility risks. Management estimates that the refinancing package will deliver £5m in annual savings on cash interest costs, strengthening the group’s balance sheet further.

The refinancing effort comes at a time of improving performance for Evoke. According to the company’s H1 2025 financial results, adjusted EBITDA rose 44% year-on-year, highlighting a clear turnaround in profitability. CEO Per Widerström credited this success to what he described as an “operational reset,” part of a wider transformation and value creation plan introduced last year.

Widerström expressed confidence in the refinancing, stating: “The positive interest in the Offering is testament to the Group’s strengthened performance, strategic progress and return to growth following the reset of our operating model and new value creation plan.” His comments suggest the company views investor demand as not only a validation of current performance but also a signal of trust in its longer-term trajectory.

By pushing back debt deadlines, reducing interest costs, and securing more flexible access to capital, Evoke has taken an important step in stabilizing its financial position. With refinancing now complete, the operator can focus on consolidating its growth strategy, sustaining profitability, and reinforcing investor confidence as it continues its expansion.