Commentary & Deal Flow

Px Talk: 6NC2: 4.50-4.75%

IPTs: 6NC2: High 4s

• Issuer: Cirsa Finance International Sarl (LHMCFI)
• Size: EUR500m
• Format: Reg S / 144A for life
• Security: Senior Secured Notes
• Expected Issue Ratings: Ba3 / BB- / BB+ (stable/stable/stable) (M/S/F)
• Maturity: 2032 (6y)
• Optional Redemption: 6NC2 (MWC B+50bp). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103
• • From 2028: 100 + 50% of coupon
  • From 2029: 100 + 25% of coupon
  • From 2030: 100.000
• Change of Control: investor put at 101
• Listing: Luxembourg Stock Exchange (Official List)
• Law: New York
• Denominations: 100kx1k
• Interest payment dates: April 30 and Oct 31, starting 31-Oct-26
• Deutsche Bank (Left Lead B&D), Barclays (Global Coordinators and Joint Bookrunners)
• BBVA, Jefferies, Mediobanca, Morgan Stanley, Société Générale, UBS Investment Bank (Joint Bookrunners)
• Reg S Common Code: 343617437
• Reg S ISIN: XS3436174372
• 144A Common Code: 343617453
• 144A ISIN: XS3436174539
• UOP: Refinance in full the existing EUR375m 7.875% SSNs due 31-Jul-28 (including payment of redemption premium thereon, callable 07/19/26 at 101.969), payment of fees and expenses in connection with the transaction and EUR105m cash overfund for general corporate purposes.
• Biz: Leading gaming company with presence in Spain and Italy and a number of countries in Latin America, engaged in the operation of casinos & gaming halls, slot machines and online gaming and betting, and the manufacture of slot machines and gaming kits for the Spanish market. HQ: Terrassa, Barcelona, Spain
• Timing: Books close Wednesday, 8th July 13:00 UKT/14:00 CET
  Marketing:
• Roadshow: Small group meetings (virtual) available Tuesday, 7th July and Wednesday, 8th July.
• Investor Call: Tuesday, 7th July - 11:00 UKT / 12:00 CET.
• ToE: EEA MiFID II / UK MiFIR professionals/ECPs-only /No EEA PRIIPS KID or UK PRIIPS KID/CCI product summary - Manufacturer target market (MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK PRIIPs KID/CCI product summary has been prepared as not available to retail in EEA or UK.

https://www.netroadshow.com/events/login/1PeTHmojCm8ywzx4T9JTSBpRZuCfiZ5pe3B9E
www.netroadshow.com/nrs/home/#!/?show=2d894bbf (Entry code: GOLD2)