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by Stephen Carter
May 16, 2023 6:29 AM ET
Lottomatica SpA (GAMENT) EUR1.115bn 144A/Reg S sr sec fixed/floating notes two-part. Expect Ba3/BB- (stable/stable). Via Barc (B&D fixed)/DB (B&D FRN) jt active books/GS/JPM/UniCredit jt glocos/Akros/BNP/Mediobanca jt books. No reg rights. List Lux. NY law.
- EUR300m minimum fixed-rate notes due 2028 (5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. Semi-annual pay.
- EUR300m minimum FRN due 2028 (5y). NC1 (MWC B+50bp), then at par. Floats/pays quarterly vs 3mE (0% floor).
Roadshow today/tomorrow (investor call at 1pm UKT today). UOP: along with EUR30m cash on hand to refinance its EUR200m sr sec FRN due 07/15/25 (callable at 100), EUR340m 6.25% sr sec notes due 07/15/25 (callable at 103.125), and EUR575m 5.125% sr sec notes due 07/15/25 (callable at 102.563). Equity sponsor: Apollo (approx. 73.50% ownership). Biz: leading gaming operator in Italy across all verticals. HQ: Rome, Italy.
On 05/03/23 Lottomatica completed a EUR600m (EUR690m with Green Shoe) IPO, which proceeds were used to repay Gamma Bondco Sarl EUR400m sr sec PIK toggle notes and EUR100m of the Lottomatica SpA EUR400m sr sec FRN due 07/15/25.