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Commentary & Deal Flow

by Pankti Antani

Sep 09, 2026 2:24 PM ET

PRICED: Brightstar Lottery EUR500m 6NC2 Sr Sec Notes 4.875% at 99.36, yield 5.00%

HYC European Market: Deal Flow - General

Ticker	Security	Term	Tranche Size	IPT	Price Talk	Priced	IPT-Pxd
BRSL	4.875% Senior Secured Notes due 2032	6NC2	EUR500m	Low 5s	5% area (+/-0.125%)	4.875% at 99.36, 5% yield	-12.5

Price Progression:
- Priced: 4.875% at 99.36, 5% yield. +180bp vs 1.7% DBR 15-August-2032
- Price talk: 5% area (+/-0.125%)
- IPT: Low 5s
Spread to Benchmark: +180bp
Benchmark: 1.7% DBR 15-August-2032
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 due 15-September-2032 (6y)
Corporate Ratings: Ba1 (Stable) / BB+ (Stable)
Issue Ratings: Ba1 / BB+
Maturity: 15-September-2032 (6y)
Optional Redemption: NC2 (MWC B+50bp)
- 15-September-2028: 102.4375
- 15-September-2029: 101.21875
- 15-September-2030: 100
Change of Control: CoC at 101
Payment dates: Semi-Annual, 15-March / 15-September, starting 15-March-2027 (30/360 ISMA)
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.
Settles: 17-September-2026 (T+8)
Trade Date: 09-September-2026
Reg S ISIN: XS3489261019
UOP: Refinance indebtedness including the concurrent tender offer on the existing 2.375% Senior Secured Notes due April 2028, refinance borrowings under the 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