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by Stephen Carter
May 17, 2023 5:35 AM ET
Lottomatica SpA (GAMENT) EUR1.115bn 144A/Reg S sr sec fixed/floating notes two-part. 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.
- EUR500m minimum (up from 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. IPT: mid 7s. Px talk 7.25% area.
- EUR400m minimum (up from EUR300m minimum) FRN due 2028 (5y). NC1 (MWC B+50bp), then at par. Floats/pays quarterly vs 3mE (0% floor). IPT: 3mE+425-450bp at 98.00-98.50. Px talk: 3mE+425bp at 98.50-99.00.
Roadshow yesterday-today (investor call at 1pm UKT yesterday). Books close at 1pm UKT today. Pricing today UK afternoon. 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 at 101.563 on 07/15/23), and EUR575m 5.125% sr sec notes due 07/15/25 (callable at 102.563 and at 101.281 on 07/15/23). The proceeds will initially be placed in escrow and released in parts within 2 months of the new notes issue date. Equity sponsor: Apollo (approx. 68% 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.