Commentary & Deal Flow

• Issuer: Betclic Tipico Group SAS (Successor to Betclic Everest Group) (Banijay Gaming)
• Ticker: BTCLIC
• Size: EUR450m (up from EUR400m)
• Format: Reg S
• Security: Senior Secured Notes
• Price Progression:
  • Final terms: 6.5%
  • Price talk: 6.5%-6.625%
  • IPT: 6.5%-6.75%
• Issue Ratings: Ba3/B+/BB+
• Maturity: March-2032 (long 5y)
• Optional Redemption: NC2 (MWC B+50bp) (50%, 25%, PAR)
• Equity claw: 2y 40% at 106.50
• 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 EUR75m (down from 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). Upsize used to reduce cash portion for M&A
• 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%)
  Marketing:
• Investor Call: GIC at 14:30 UKT / 15:30 CET, 06-October-2026
• Fixed income investor meetings: 1-on-1s 06-October-2026 & 07-October-2026
• Books close: 15:00 UKT / 16:00 CET, today
• Reconfirmations were due: 16:00 UKT / 17:00 CET, today
• Pricing: Thereafter

Dealroadshow: https://dealroadshow.finsight.com (Access code: JACKPOT)
GIC Registration Link: https://evercall.co/oacc/30688