Commentary & Deal Flow

Asmodee Group AB (EMBCER) EUR940m 144A/Reg S sr sec notes 2-part. Expect B2/B/BB- (positive/CW positive/CW positive). Via BNP/JPM (B&D) jt glocos and physical books/SEB/SocGen/Swedbank/CA jt books, ING, NatWest as co-managers. No reg rights. List ISE. NY law. SMR with equity proceeds: Up to EUR300m at 102% within 12 months from bond issuance with the requirement that EUR300mm of each of the SSN and FRN tranches remain outstanding after such redemption.

- EUR300m minimum fixed rate notes due 2029 (5y). NC2 (50%,25%,par).

- EUR300m minimum FRN due 2029 (5y). NC1, then at par.

Roadshow (small group meetings) 11/26-28 (investor call at 1pm UKT 11/26). UOP: repay EUR900m bridge loan that was incurred to fund a EUR900m dividend to its parent Embracer Group AB, as part of Asmodee's spinoff from Embracer. Biz: Leading global publisher and distributor of tabletop games. HQ: Karlstad, Sweden.

Evercall investor call link: https://dealroadshow.com/e/ASMODEE24GIC.

Deal Roadshow link: https://dealroadshow.com/e/ASMODEE24GIC.