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by Stephen Carter
Nov 05, 2021 9:36 AM ET
Gamma Bondco Sarl (Lottomatica) (GTKIM) EUR400m 144A/Reg S holdco sr sec PIK toggle notes (pay-if-you-can) due 11/15/26 (5y). NC2 (MWC B+50bp), then at 104.0625, 102.0313, 100. Caa1/CCC+ (stable/stable). Via Barc (B&D)/GS jt glocos and physical books/CS/DB/JPM/MS/UniCredit jt books, Apollo as co-manager. List Lux, NY law. Settles 11/10. Reg S ISIN: XS2407361109. IPTs: low 8s. Price talk: 8.25% area.
Priced: 8.125% (+75bp if PIK) at 100. +868bp vs OBL 0.00% 10/09/26.
Did investor call at 2:30pm UKT Tues, 1x1s Tues-Thurs. Books closed at 9am UKT today. UOP: to fund a EUR375m shareholder dividend and the first cash interest payment. Equity sponsor: Apollo. Biz: leading gaming operator in Italy across all verticals. HQ: Rome, Italy.