05/17/2023 Lottomatica SpA (GAMENT) EUR1.115bn 144A/Reg S sr sec fixed/floating notes two-part. Ba3/BB- (stable/stable). Via Barc (B&D fixed)/DB (B&D FRN) jt active books/GS/JPM/UniCredit jt glocos/Akros/BNP/Mediobanca jt books, Apollo as co-manager. No reg rights. List Lux. NY law. Settles 06/01 (T+10).
- EUR565m (up from EUR500m minimum and from EUR300m minimum) fixed-rate notes due 06/01/28 (5y). NC2 (MWC B+50bp), then at 103.5625, 101.7813, 100. Equity claw: 2y 40% at 107.125. Special call: 10% per year the first 2 years at 103. Semi-annual pay. Reg S ISIN: XS2628390366. IPT: mid 7s. Px talk 7.25% area. Final terms: EUR565m at 7.125%. Priced: 7.125% at 100. +485bp vs OBL 2.20% April 2028.
- EUR550m (up from EUR400m minimum and from EUR300m minimum) FRN due 06/01/28 (5y). NC1 (MWC B+50bp), then at 100. Floats/pays quarterly vs 3mE (0% floor). Reg S ISIN: XS2628487956. IPT: 3mE+425-450bp at 98.00-98.50. Px talk: 3mE+425bp at 98.50-99.00. Final terms: EUR550m E+412.5bp at 99.00. Priced: 3mE+412.5bp (0% floor) at 99.00.
Roadshow 05/16-17 (investor call at 1pm UKT 05/16). Books closed at 1pm UKT 05/16. Reconfirms were due by 3:30pm UKT 05/17. UOP: along with EUR30m cash on hand to refinance its EUR200m sr sec FRN due 07/15/25 (callable at 100), EUR340m 6.25% sr sec notes due 07/15/25 (callable at 103.125 and at 101.563 on 07/15/23), and EUR575m 5.125% sr sec notes due 07/15/25 (callable at 102.563 and at 101.281 on 07/15/23). The proceeds will initially be placed in escrow and released in parts within 2 months of the new notes issue date. Equity sponsor: Apollo (approx. 68% ownership). Biz: leading gaming operator in Italy across all verticals. HQ: Rome, Italy.
On 05/03/23 Lottomatica completed a EUR600m (EUR690m with Green Shoe) IPO, which proceeds were used to repay Gamma Bondco Sarl EUR400m sr sec PIK toggle notes and EUR100m of the Lottomatica SpA EUR400m sr sec FRN due 07/15/25.