Asmodee Group AB
(EMBCER) EUR940m 144A/Reg S sr sec notes 2-part. B2/B/BB- (positive/CW
positive/RW positive). Via BNP/JPM (B&D) jt glocos and physical
books/SEB/SocGen/Swedbank/CA jt books, ING, NatWest as co-managers. No
reg rights. List ISE. NY law. SMR with equity proceeds: Up to EUR300m at
102% within 12 months from bond issuance with the requirement that
EUR300mm of each of the SSN and FRN tranches remain outstanding after
such redemption. Settles 12/12 (T+9).
- EUR600m (from EUR300m minimum) fixed rate notes due 12/15/29
(5y). NC2 (12/15/26) (MWC B+50bp), then at 102.875, 101.4375, 100.
Equity claw: 2y 40% at 105.75. Special call: 10% per year the first 2
years at 103. CoC at 101. Reg S ISIN: XS2954187378. IPT: 6.25%-6.50%.
Price talk: 6.00%-6.25%. Final price talk: 5.75%-6.00%. Priced: 5.75% at 100. +380bp vs OBL 2.50% 10/11/29.
- EUR340m (from EUR300m minimum) FRN due 12/15/29 (5y). NC1
(12/15/25) (MWC B+50bp), then at 100. CoC at 101. Reg S ISIN:
XS2954189234. IPT: E+400-425bp at 99.50. Price talk: E+400bp at
99.50-100. Final price talk: E+375bp-400bp at par. Priced: 3mE+375bp at 100.
Roadshow (small group meetings) 11/26-28 (investor call at 1pm
UKT 11/26). Books closed at 10am UKT 11/29. Reconfirms were due by
11:30am UKT 11/29. Pricing 11/29 UK afternoon. UOP: repay EUR900m bridge
loan that was incurred to fund a EUR900m dividend to its parent
Embracer Group AB, as part of Asmodee's spinoff from Embracer. Biz:
Leading global publisher and distributor of tabletop games (board games,
trading card games and almost all types of physical games). HQ:
Karlstad, Sweden. (Spinoff announced 04/22/2024).
As part of Embracer Group's previously announced divestment of
Easybrain, Embracer Group intends to contribute EUR400m to Asmodee
through an equity investment upon the closing of the Easybrain
transaction. Asmodee is expected to use EUR300m of this equity
investment to repay gross debt and the remaining EUR100m for cash on the
B/S.
Evercall investor call link: https://dealroadshow.com/e/ASMODEE24GIC.
Deal Roadshow link: https://dealroadshow.com/e/ASMODEE24GIC.