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Commentary & Deal Flow

NEW ISSUE: Allwyn E500m 5.5NC2 sr sec notes, IPT low 5s, pxg Fri

HYC US Market: Deal Flow - GeneralHYC European Market: Deal Flow - General

Allwyn Entertainment Financing (UK) plc (SAZKAG) EUR500m 144A/Reg S sr sec notes due 2031 (5.5y). NC2. Existing NR/BB/BB-. Via MS (B&D)/UniCredit jt glocos and jt physical books/Axia/Citizens/Erste /ING /MUFG/RBI/SMBC/SocGen/WFS jt books. No reg rights. List ISE. NY law. CoC at 101. Denoms 100kx1k.

IPT: low 5s at par.

Roadshow (small group meetings) 02/11 (investor call at 4pm UKT 02/10). Commitments due by 10am UKT 02/13. UOP: Fund the cash exit consideration for nonconsenting shareholders of the business combination with OPAP, and GCP; also EUR100m fungible term loan B add-on, UOP: repay revolver, and GCP. Biz: leading multinational lottery operator. HQ: Lucerne, Switzerland.

Netroadshow link: https://www.netroadshow.com/events/login/LE9zwo4App68iNPXjjFzlsL1Yul8rP6AOdm.