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Commentary & Deal Flow

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by Anna Tkachenko

Oct 07, 2026 8:50 AM ET

PX TALK: Betclic Tipico Group EUR400m NC2 Sr Sec Notes 6.5-6.625%, books close today

HYC European Market: Deal Flow - General

Ticker	Security	Term	Tranche Size	IPT	Price Talk
BTCLIC	Senior Secured Notes	NC2	EUR400m	6.5%-6.75%	6.5%-6.625%

Price Progression:
- Price talk: 6.5%-6.625%
- IPT: 6.5%-6.75%
Issuer: Betclic Tipico Group SAS (Successor to Betclic Everest Group) (Banijay Gaming)
Ticker: BTCLIC
Size: EUR400m
Format: Reg S
Security: Senior Secured Notes
Issue Ratings: Ba3/B+/BB+
Maturity: March-2032 (long 5y)
Optional Redemption: NC2 (MWC B+50bp) (50%, 25%, PAR)
Equity claw: 2y 40%
Special call: 10% per year the first 2 years at 103
Change of Control: CoC at 101
SMR: at 100 if the JOA acquisition has not closed by the 01-March-2027
Denominations: 100kx1k
Listing: TISE
Law: New York
Joint Glocos & Physical Bookrunners: BNPP (B&D), CACIB, NTX, SG
Joint Bookrunners: DB, GS
UOP: Along with EUR125m cash on hand, to finance the acquisition of Joa Corporate SAS (JOA) share capital (EUR274m) from Joker Holdco Sarl, refinance certain JOA debt ($242m) and pay related transaction costs (Acquisition announced 09/08/26)
Biz: A leading European online sports betting, casino and poker operator, created from the merger of Betclic and Tipico in April 2026. It is a sub of Banijay Group NV
Ownership: A wholly-owned sub of Banijay Gaming, which is owned by Banijay Group NV (64.7%), Tipco's founders (21.8%), CVC & Tipco management (7.5%), and Banijay Gaming top management (6.00%). Banijay Group is controlled by LOV Group (Stephen Courbit and family (45.4%); and others (54.6%) (Vivendi 19.1%, SBM Intl 10.0%, Fimalec 7.4%, and others 13.3%)

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