Commentary & Deal Flow

+++Corrects Bloomberg Ticker+++

Betclic Everest Group SAS (BTCLIC) EUR1bn (up from EUR750m minimum) 144A/Reg S sr sec notes due Dec 2031 (6y).  NC2 (MWC B+50bp) (50%,25%par). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. Ba3/B+/BB+ (stable/stable/stable). Via BNP (B&D)/SocGen jt glocos/Natixis jt physical books/DB/GS jt books. No reg rights. List ISE. New York law. Semi pay (30/360). CoCat 101. Denoms: 100kx1k. Settles T+10. ISINs: Reg S XS3266494221; 144A XS3266494494. IPT: mid 5s. Price talk: 5.25% area (+/-12.5bp). EUR250m upsize for GCP.

Final terms: EUR1bn at 5.125%.

Roadshow (1x1s) 01/19-20 (investor call 10:30am UKT 01/19). Books closed at 3:30pm UKT 01/20. Reconfirm by 5pm UKT 01/20. Pricing 01/20 UKT afternoon (originally pricing 01/21). UOP: along with EUR1.5bn and US$750m (up from US$500m minimum) term loan B (total sr sec debt of EUR3.139bn (up from EUR3bn)), to fund the acquisition of Tipico from CVC for EUR2.9bn  equity value, and EUR1.87bn to partially repay Tipico's existing debt (EUR250m upsize for GCP). Certain Tipico shareholders (Tipico's founders,  Nicolas Beraud, and part of CVC's stake) will roll EUR1.817bn in equity. Equity ownership: Banijay Group/LOV Group 65%, other shareholders 35%.  Biz: sports betting, casinos, poker) in Europe. HQ: Bordeaux, France.(Acquisition announced 10/28/2025).

DealRoadshow link: https://dealroadshow.com/e/BETCLIC26HYBSYND.