Mybet Holding SE: Credit facility from Westlotto interim financing expanded

mybet Holding SE: Credit facility from Westlotto interim financing expanded

Berlin, 18 April 2017. The SWS Service GmbH (SWS), a subsidiary of mybet Holding SE, is going to arrange an expansion of the already existing credit facility from the so called Westlotto interim financing with the creditor. The agreement will be signed in short notice.

The Westlotto interim financing consists of a credit facility of four million Euro plus an option to expand the credit facility to five million with effect from 2018, both freely available for the mybet Group if required. The new agreement states, that this option will be brought forward and the respective funds are available, if required, as of the signing of the new agreement. In addition the new agreement expands the credit facility by another one million Euro. Thereby, the total volume of the credit facility from the Westlotto interim financing amounts to six million Euro.

The Westlotto interim financing had originally been agreed on in October 2016 and is connected to the pre-financing of the potential damage claim of SWS from the legal proceedings for damages against Westdeutsche Lotterie GmbH & Co. OHG in connection with a cartel infringement. In these proceedings, which started in 2008, the Higher Regional Court of Düsseldorf had decided, that SWS shall receive a payment of 11.5 million Euro plus interest while not allowing a review of the decision. Afterwards the German Federal Supreme Court in 2016 had decided to allow a review and referred the proceedings back to the Higher Regional Court with the instruction to review the amount of the payment. The next hearing at the Higher Regional Court is scheduled for 12 July 2017.

The terms of the existing Westlotto interim financing also apply to the new agreement. According to these terms, any loan emerging from the utilisation of the credit facility will be free of interest and will, together with the participation, be due after the final and binding end of the Westlotto proceedings either by a decision or a court settlement. If SWS will not receive any proceeds from the legal proceedings the loan will not be repaid and there are also no other rights of recourse or repayment for the creditor.
If SWS should receive proceeds from the proceedings, the total amount of the emerging repayment obligation to the creditor can by no means exceed the total proceeds received, even if this would for example lead to an incomplete repayment of the initial loan.

If the funds are sufficient, the repayment to the creditor amounts to 150 percent of the loan's volume. This proportion rises step by step to a maximum of 200 if the legal proceedings do continue for longer than one year after the utilisation of the credit facility. This maximum will be reached after a proceedings duration of 2.5 years after the utilisation of the credit facility.
Furthermore and independent from the duration of the proceedings, the creditor receives 15 percent of the proceeds that might remain after the settlement of the time-dependent repayment.

Potentially remaining funds after having met all payment obligations to the creditor will benefit SWS in all scenarios.

The new agreement shall secure the financial resources of the mybet Group for the planned operational activity in the year 2017, but shall only be used if required.

Notifying company:
mybet Holding SE, ISIN DE000A0JRU67, Frankfurt Stock Exchange Prime Standard

Notifying person:
Sebastian Bucher, Manager Investor & Public Relations