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Commentary & Deal Flow

PX TALK: Brightstar Lottery PLC EUR500m 6NC2 Sr Sec Notes, 5% area (+/-0.125%), pxg today

HYC European Market: Deal Flow - General

Ticker

Security

Term

Tranche Size

IPT

Price Talk

BRSL

Senior Secured Notes

6NC2

EUR500m

Low 5s

5% area (+/-0.125%)

  • Price Progression:
    • Price talk: 5% area (+/-0.125%)
    • IPT: Low 5s
  • Issuer: Brightstar Lottery PLC
  • Ticker: BRSL
  • Guarantors: Brightstar Global Solutions Corporation, Brightstar Lottery S.p.A., Brightstar Lottery Holdings B.V. and Brightstar Lottery Foreign Holdings Corporation
  • Issuer LEI: 549300UQ6KHRCZDRGZ76
  • Size: EUR500m
  • Format: Reg S
  • Security: Senior Secured Notes
  • Corporate Ratings: Ba1 (Stable) / BB+ (Stable)
  • Expected Issue Ratings: Ba1 / BB+
  • Maturity: Sept-2032 (6y)
  • Optional Redemption: NC2 (MWC T+50bp) (50/25/par)
  • Change of Control: CoC at 101
  • Listing: GEM Euronext Dublin
  • Clearing: Clearstream and Euroclear
  • Law: New York
  • Denominations: 100kx1k
  • Joint Global Coordinators and Physical Bookrunners: CACIB (B&D), ING
  • Joint Bookrunners: Banca Akros, BNPP, BPER, DB, Mediobanca, Santander, UniCredit
  • Target Market: MiFID II and UK MiFIR – professionals/ECPs-only / No PRIIPs or UK PRIIPs KID – Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or UK.
  • UOP: Refinance indebtedness including the concurrent tender offer for EUR300m Reg S portion of its EUR500m 2.375% Senior Secured Notes due Apr-28 (99.00 tender price), refinance EUR200m of the EUR530m drawn on its Revolving Credit Facilities and pay certain fees, costs and expenses incurred in connection with the transaction
  • Biz: Brightstar is a premier pure play and global leader in lottery focused on innovation and serving nearly 90 lottery customers and their players on six continents. The Company is the primary technology provider to 26 of the 46 lottery jurisdictions in the U.S. and eight of the world's 10 largest lotteries with central systems.
  • HQ: London, UK
    Marketing:
  • Investor Call: 08-Sep-2026 10:00AM UKT / 11:00AM CET
  • Fixed income investor meetings: Virtual meetings available 08-Sep-2026
  • Books close: 14:45 UKT / 15:45 CET 09-Sep-2026
  • Pricing: 09-Sep-2026
  • Direct Link: https://www.netroadshow.com/events/login/1PeTHmohHaLyb8wetzOw3XKWjmctaMbgfKwgp
  • DealRoadshow Information: Alternatively, please visit: https://www.netroadshow.com/nrs-login/guest-login and enter the deal access code: 405684