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:
  • Priced: 6.5% at 100. +325bp vs 0% DBR 15-February-2032
  • Final terms: 6.5%
  • Price talk: 6.5%-6.625%
  • IPT: 6.5%-6.75%
• Coupon: 6.50%
• Price: 100
• Yield: 6.50%
• Spread to Benchmark: 325bp
• Benchmark: 0% DBR 15-February-2032
• Issue Ratings: Ba3/B+/BB+ (stable/stable/stable)
• Maturity: 15-March-2032 (5.5y)
• Optional Redemption: NC2 (15-October-2028) (MWC B+50bp)
  • 15-October-2028: 103.25
  • 15-October-2029: 101.625
  • 15-October-2030: 100
• Equity claw: 2y 40% at 106.5
• 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
• Payment dates: Semi annual, 31 May / 30 November, starting 31 May 2027.
• Listing: TISE
• Law: New York
• Denominations: 100kx1k
• Joint Glocos & Physical Bookrunners: BNPP (B&D), CACIB, NTX, SG
• Joint Bookrunners: DB, GS
• Settles: 21-October-2026 (T+10)
• Trade Date: 07-October-2026
• Reg S ISIN: XS3537381785
• 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. HQ: Paris, France
• 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 closed: 15:00 UKT / 16:00 CET, today
• Reconfirmations were due: 16:00 UKT / 17:00 CET, today
• FTT: 08-October-2026, 07:30 UKT
• ToE: 07-October-2026, 17:08 UKT

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