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by Stephen Carter
Oct 14, 2025 2:51 PM ET
+++Corrects FRN tranche size in the story: EUR425m (not EUR475m)+++
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. Settles 10/28 (T+10).
- EUR575m fixed-rate notes due 10/15/31 (6y) NC2 (10/28/27) (MWC B+50bp), then at 102.4375 10/28/27, 101.2186 10/28/28, 100 10/28/29. Equity claw: 2y 40% at 104.875. Special call: 10% per year the 1st 2 years at 103. CoC at 101. Pays May 15 and Nov 5, starting 05/15/26. Denoms: 100kx1k. Reg S ISIN: XS3209437014. Price talk: 5.00% area (+/-12.5bp). Final terms: EUR575m 4.875% at par. Priced: 4.875% at 100. +264bp vs DBR 0.00% 08/15/31.
- EUR425m FRN due 10/15/32 (7y). NC1 (10/28/26) (MWC B+50bp) then at 100. CoC at 101. pays March 15, June 15, Sept 15, Dec 15, starting 12/15/25. Denoms: 100kx1k. Reg S ISIN: XS3209438418. Price talk: E+300-325bp. Final terms: EUR475m E+300bp at par. Priced: 3mE+300bp at 100.
Roadshow (virtual small group meetings) 10/13-14 (investor call at 12:30pm UKT 10/13). Books closed at 2:30pm UKT 10/14. Reconfirms were due by 4:15pm UKT 10/14. 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.