Commentary & Deal Flow

Private placement priced Monday: LHMC Finco 2 Sarl (Cirsa)(LHMCFI) EUR130m Reg S only add-on to its 8.625% cash/9.375% PIK sr sec PIK toggle notes due 05/15/30 (4y). NC 2mos (05/12/26) (MWC B+50bp), then at 102 05/12/26, 101 05/12/27, 100 05/12/28. NR/B (--/stable). Via DB sole placement agent. No reg rights. List Lux. NY law. PIK interest at company option if certain conditions are met on May 15 and Nov 15, starting 05/15/26. CoC at 101. Trade date 03/23. Settles 03/27. Temporary Reg S ISIN: XS3300057778; Permanent Reg S ISIN: XS3049411971. Will be fungible 40 days after settlement with the original EUR600m issue priced 05/02/25. The price was not disclosed. UOP: fund distribution to shareholders. Equity sponsor: Blackstone. Biz: a direct holding company of Cirsa, 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.