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by Stephen Carter
Oct 14, 2025 11:11 AM ET
Cirsa Finance International Sarl (LHMCFI) EUR1bn 144A/Reg S sr sec notes 2-part. B1/BB- (positive/stable). Via DB (B&D)/Barc jt glocos/BBVA/Jefferies/MS/SocGen/UBS jt books. No reg rights. List Lux. NY law.
- EUR575m fixed-rate notes due 2031 (6y) NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the 1st 2 years at 103. CoC at 101. Denoms: 100kx1k. Price talk: 5.00% area (+/-12.5bp). Final terms: EUR575m 4.875% at par.
- EUR425m FRN due 2032 (7y). NC1 (MWC B+50bp) (par). CoC at 101. Denoms: 100kx1k. Price talk: E+300-325bp. Final terms: EUR475m E+300bp at par.
Roadshow (virtual small group meetings) 10/13-14 (investor call at 12:30pm UKT 10/13). Books closed at 2:30pm UKT 10/14. Reconfirm by 4:15pm UKT 10/14. Pricing 10/14 UK afternoon. UOP: along with EUR28m cash on hand, to redeem its EUR382.5m 10.375% sr sec 1st lien notes due 11/30/27 (callable 11/09/25 at 102.594) and EUR615m 4.50% sr sec notes due 03/15/27 (callable at 100). Equity sponsor: Blackstone. Biz: a global gaming company with presence in Spain and Italy and a number of countries in Latin America, and leading positions in the operation of casinos & gaming halls, slot route operations and online gaming and betting. HQ: Terrassa, Barcelona, Spain.
Netroadshow link: https://www.netroadshow.com/events/login/LE9zwo4AFiz6guaQieNCoDQd8XfXILn5ERe.