Related Issuers
by Stephen Carter
May 12, 2022 10:50 AM ET
Loarre Investments Sarl (LaLiga) (LNFPES) EUR850m 144A/Reg S sr sec notes 2-part. Ba3/NR/BB (--/--/stable). Via GS (gloco/B&D)/DB/CS jt books. No reg rights. List ISE. NY law.
- EUR500m fixed-rate notes due 2029 (7y). NC3 (MWC) (50%,25%,par). Equity claw: 3y 40%. Special call: 10% per year the first 3 years at 103. Semi-annual pay. IPT: 6.50% coupon at a discount to yield 7% area. Px talk: 6.50% coupon at 96.60 (7.125% YTM).
- EUR350m FRN due 2029 (7y). NC1 (MWC) (101, par). Floats/pays quarterly vs 3mE (0% floor). IPT: 3mE+500bp (0% floor) at 97.00-98.00 OID. Px talk: 3mE+500bp (0% floor) at 97.00.
Roadshow 05/06-11 (investor call at 12pm 05/06). Books close 10:30am UKT tomorrow. Pricing tomorrow. UOP: partially fund CVC's EUR2bn acquisition of an approximately 8.2% economic participation in the LaLiga's profit in the sale of audio-visual rights for a 50-year period (EUR1.9bn will be invested directly into the participating clubs via LaLiga for the AV participation and EUR65m directly into LaLiga for an 8.2% stake). The investment transaction closed 02/01/22 and the investment will be deployed in stages between Jan 2022 and June 2024. The bond proceeds will also fund a Debt Service Reserve Account. CVC will contribute EUR1.2115bn in equity. Biz: Lorre is an investment vehicle established by CVC to invest EUR2bn of capital into the Spanish football ecosystem. LaLiga is the premier professional soccer league in Spain. HQ: Madrid, Spain.