Published On: Tue, Mar 16th, 2021

Playtika Offers Businesses New App for New Employees

The company also just restructured $2.3 billion of debt.

Playtika Onboarding App

Playtika, an Israeli mobile gaming company, has introduced a new app which will help job seekers get a better idea of what a company is like before going to work there, or even applying for a position. The new onboarding app comes at a time when it is harder for people to actually travel and visit a company’s headquarters to see what it is like in person due to the Coronavirus pandemic. This news comes as Playtika restructures its debt.

According to Calcalist, the onboarding app accompanies candidates throughout the interview process. It also assists them in following their recruitment progress, which can include anywhere between four and seven stages. Users are able to view information about how long each stage of the interviewing process usually takes at a given company. They can also learn about who will interview them, and what kinds of questions they can expect to be asked.

(Israel’s Gaming Company Playtika Hits $11 Billion Valuation With NASDAQ IPO)

Yael Yehudai, SVP Global HR at Playtika, told Calcalist, “This is not a substitute for personal contact with a recruiter in a preliminary telephone call, but it is a complementary tool that can gather information about the entire process for candidates.”

Meanwhile, Playtika Holding Corp. refinanced its debt. The company replaced an existing $2.375 billion Term Loan B by entering into a 7-year $1.9 billion Term Loan B, increased its Revolving Credit Facility to $600 million with a new 5-year maturity and consummated its previously announced offering of $600 million aggregate principal amount of its 8-year senior unsecured notes.

“We are pleased to take advantage of our healthy financial position and also leverage our recent successful IPO to refinance our Term Loan B,” said Craig Abrahams, Playtika’s President and Chief Financial Officer. “The refinancing is expected to generate significant savings. We anticipate that these transactions will reduce our annual cash interest by over $80 million, which should benefit our net income and earnings per share in 2021, as well as our free cash flow. With our current cash balance and upsized revolving credit facility, Playtika has approximately $1.5 billion in available liquidity at its disposal to further pursue growth investments and M&A opportunities.”

The new Term Loan B bears interest, at Playtika’s option, at a rate equal to the London Interbank Offered Rate (“LIBOR”) plus 2.75% or at a base rate plus 1.75%, subject to one 0.25% step-down based on Playtika’s credit ratings. The Revolving Credit Facility bears interest, at Playtika’s option, at a rate equal to LIBOR plus 3.00% or at a base rate plus 2.00%, subject to three 0.25% step-downs based on Playtika’s first lien net leverage ratio. The senior unsecured notes bear interest at a fixed rate of 4.25%.

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