Commentary & Deal Flow

Priced yesterday: Media and Games Invest SE (formerly Media and Games Invest plc) EUR150m 144A/Reg S add-on to its sr sec FRN due 11/27/2024 (3.5y). NC1.5 (11/27/22), then at 102.875, 05/27/23 at 102.156, 11/27/23 at 101.438, 05/27/24 at 100.719. Prior to the first call date: callable at 102.875, plus the sum of all remaining interest payment up to the first call date. Not rated. Via Pareto/Jefferies jt books. List Frankfurt/Stockholm. Swedish law. Floats/pays 3mE+575bp (0% floor). Settles 06/18. ISIN SE0015194527. The original EUR80m issue priced 11/13/20 and a EUR40m add-on priced 03/23/21. IPT: 102.00-102.50.

Priced: 3mE+575bp (0% floor) at 102.00.

Roadshow 05/31-06/03. UOP: fund future acquisitions. The net proceeds from the transaction will be placed in an escrow account to be used for financing EBITDA positive acquisitions of entities with similar or complementary businesses to that of the Company. Biz: an integrated digital games and media co with main operational presence in EMEA and North America. HQ: Malta.

The transaction was well received by the market with both existing and new investors primarily based in the Nordics, continental Europe and North America participating. The issue was strongly oversubscribed,

As a prerequisite for the placement of this Issue, the Media and Games is seeking approval from existing bondholders to increase the framework of the Bond to EUR350mn (for further information, see press release dated 28 May 2021). The approval is obtained by way of a written procedure which is to conclude on 16 June 2021, and the Company has already received voting undertakings from bondholders representing 57% of the outstanding bonds to vote in favour of the proposal.