Commentary & Deal Flow

+++Adds Equity claw and Special Call details+++

Reoffer: 6NC2: 4.625% / 100

Benchmark: DBR 1.70% due 08/15/32 / Spread +180bp

Px Talk: 6NC2: 4.50-4.75%
IPTs: 6NC2: High 4s

• Issuer: Cirsa Finance International Sarl (LHMCFI)
• Size: EUR500m
• Security: Senior Secured Notes
• Issue Ratings: Ba3 / BB- / BB+ (stable/stable/stable) (M/S/F)
• Coupon: 4.625%
• Offering Price: 100
• Spread: +180bp
• Benchmark: DBR 1.70% due 08/15/32
• Trade Date: 08-Jul-26
• Settlement Date: 20-Jul-26 (T+8)
• Maturity: 20-Jul-32
• Optional Redemption: Non-callable for 2 years until 20-Jul-28 (MWC B+50).
• • Commencing 20-Jul-28: 102.31250
  • Commencing 20-Jul-29: 101.15625
  • Commencing on 20-Jul-30 and thereafter: 100.00000%
  • Equity claw: 2y 40% at 104.625
  • Special call: 10% per year the first 2 years at 103
• Interest Payment Dates: April 30 / October 31, commencing 31-Oct-26
• Distribution Rule: Reg S / 144A for life
• Listing: Application will be made for the listing of and admission to trade on the Official List of The Luxembourg Stock Exchange
• Minimum Denominations: €100k x €1k
• Governing Law: New York
• Reg S ISIN: XS3436174372
• Reg S Common Code: 343617437
• 144A ISIN: XS3436174539
• 144A Common Code: 343617453
• Global Coordinators and Joint Bookrunners: Deutsche Bank (Left Lead B&D), Barclays
• Joint Bookrunners: BBVA, Jefferies, Mediobanca, Morgan Stanley, Société Générale, UBS Investment Bank
• 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
• Books closed: 8th July 13:00 UKT/14:00 CET
• FTT: 08-Jul-26 15:30 UKT
  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.
• Target Market: 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)