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by Stephen Carter
Jan 20, 2026 3:31 PM ET
Betclic Everest Group SAS (BTCLIC) EUR1bn (up from EUR750m minimum) 144A/Reg S sr sec notes due 12/10/31 (6y). NC2 (01/31/28) (MWC B+50bp), then at 102.5625 01/31/28, 101.28125 01/31/29, 100 01/31/30. Equity claw: 2y 40% at 105.125. 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 May 31 and Nov 30, starting 11/30/26 (30/360). CoC at 101. Denoms: 100kx1k. Settles 02/03 (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%.
Priced: 5.125% at 100. +264bp vs DBR 0.00% 02/15/32.
Roadshow (1x1s) 01/19-20 (investor call 10:30am UKT 01/19). Books closed at 3:30pm UKT 01/20. Reconfirms were due by 5pm UKT 01/20. (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.