04/21/2023 Allwyn Entertainment Financing (UK) plc
(SAZKAG) EUR1.3bn equivalent (EUR/USD) 144A/Reg S sr sec notes 2-part. --/BB/BB- (--/stable/stable). Via BNP/GS (B&D) jt glocos and physical books on the EUR tranche, GS (B&D) gloco and physical books on the US$ tranche, (BNP on $)/Citi/DB/Erste/HSBC/ING/JPM/MS/RBI/SocGen/UniCredit jt books on both tranches. No reg rights. List ISE. NY law. Settles 04/28 (T+5).
- EUR665m fixed rate notes due 04/30/30 (7y). NC3 (04/30/26) (MWC B+50bp), then at 103.625, 101.8125, 100. Equity claw: 3y 40% at 107.25. Special call: 10% per year the first 3 years at 103.00. Reg S ISIN: XS2615937187. IPT: mid-high 7s. Px talk: 7.50% area (yield). Launched: EUR665m 7.25% at 100%. Priced: 7.25% at 100, yield 7.255%. +482bp vs DBR 0.00% 02/15/20.
- US$700m fixed rate notes due 04/30/29 (6y). NC2.5 (10/30/25) (MWC T+50bp), then at 103.9375, 101.9688, 100. Equity claw: 2.5y 40% at 107.875. Special call: 10% per year the first 2.5 years at 103.00. 144A CUSIP: 02007VAA8. IPT: low-mid 8s. Px talk: 8.00% area (yield). Launched: US$700m 7.875% at 100. Priced: 7.875% at 100, yield 7.881%. +421bp vs 2.875% 04/30/29.
Originally a 3-part deal - Dropped: EUR TBD sr sec FRN due 2029 (6y). NC1 (MWC B+50bp) (par). Floats/pays quarterly vs 3mE (0% floor). IPT: low-mid 400s spread and 1-2 points of OID. Px talk: E+425bp at 98.50-99.00 OID.
Roadshow started 04/18 (investor call at 3:30pm UKT / 10:30am NYT 04/18). Books closed: US-based accounts at 5pm NYT 04/20; European-based accounts at 10am UKT 04/20. FRN order switch commitments were due by 12:30pm UKT today. EUR reconfirms were due by 3:15pm UKT today. UOP: redeem its EUR300m 4.125% sr sec notes due 11/20/24 (callable at 101.03125), repay the EUR675m Apollo Preference shares issued by Allwyn AG, pay down EUR180m drawn on its revolver, and EUR128m for GCP. Equity sponsor: KKCG. Biz: leading multinational lottery operator. HQ: London, UK/Lucerne, Switzerland/Prague, Czechia.