Commentary & Deal Flow

+++Corrects coupon: 4.625% (not 4.63%)+++

Allwyn Entertainment Financing (UK) plc (SAZKAG) EUR550m (up from EUR500m) 144A/Reg S sr sec notes due 08/15/31 (5.5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year, the first 2 years at 103. NR/BB/BB- (--/stable/Rating Watch positive). 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. SMR at 100 if the Cash Exit Right Payment does not occur by 09/30/26. CoC at 101. Pays Feb 15 and Aug 15, starting 08/15/26 (30/360). Denoms 100kx1k. Settels 02/20 (T+6). Reg S ISIN: XS53291732918. IPT: low 5s at par. Revised IPT: 4.75%-5.00% at par. EUR50m upsize for GCP. Price talk: 4.50%-4.75% at par WPIR.

Priced: 4.625% at 100.

Roadshow (small group meetings) 02/11 (investor call at 4pm UKT 02/10). Books closed/commitments were due by 4pm UKT 02/12 (from10am UKT 02/13). (Originally pricing 02/13). UOP: Fund the EUR456m cash exit consideration for nonconsenting shareholders of the business combination with OPAP, and EUR14 for GCP; also EUR100m fungible term loan B add-on, UOP to repay EUR90m drawn on its revolver (EUR50m upsize for GCP). Equity sponsor: KKCG (78.47%). Biz: leading multinational lottery operator. HQ: Lucerne, Switzerland. (Acquisition announced Oct 2025).

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