Commentary & Deal Flow

Asmodee Group AB (EMBCER) EUR940m 144A/Reg S sr sec notes 2-part. B2/B/BB- (positive/CW positive/RW 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 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. CoC at 101. IPT: 6.25%-6.50%. Price talk: 6.00%-6.25%.

- EUR300m minimum FRN due 2029 (5y). NC1 (MWC B+50bp), then at par. CoC at 101. IPT: E+400-425bp at 99.50. Price talk: E+400bp at 99.50-100.

Roadshow (small group meetings) 11/26-28 (investor call at 1pm UKT 11/26). Books close at 10am UKT 11/29. Pricing 11/29. 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 (board games, trading card games and almost all types of physical games). HQ: Karlstad, Sweden. (Spinoff announced 04/22/2024).

As part of Embracer Group's previously announced divestment of Easybrayin, Embracer Group intends to contriute EUR400m to Asmodee through an equity investment upon the closing of the Easybrain transaction. Asmodee is expected to use EUR300m of this equity investment to repay gross debt and the remaining EUR100m for cash on the B/S.

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

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