Commentary & Deal Flow

+++Updates with DBR spread+++

Lottomatica Group SpA (LTMCIM) EUR1.1bn (up from EUR600m) 144A/Reg S sr sec notes due 01/31/31 (5.75y). NC2 (05/15/27) (MWC B+50bp), then at 102.4375, 101.21875, 100. Equity claw: 2y 40% at 104.875. Special call: 10% per year the first 2 years at 103. Ba2/BB (stable/stable). Via DB (B&D)/JPM jt glocos and physical books/Barc/BNP/GS/UniCredit jt books, Apollo, Akros-BPM, Mediobanca as co-managers. No reg rights. List Lux. NY law. CoC at 101. Settles 05/13 (T+10). Reg S ISIN: XS3047452316. IPT: 5.25% area (+/- 12.5bp). Price talk: 5.00% area (+/- 12.5bp). EUR500m upsize to redeem its EUR500m FRN 12/15/30 (callable at 100). Final terms: EUR1.1bn at 4.875%.

Priced: 4.875% at 100. +281bp vs DBR 0% 02/15/31.

Roadshow (small group meetings) 04/23-24 (investor call at 2:30pm UKT 04/23). Books closed at 1:30pm UKT (from 12pm UKT) 04/24. UOP: redeem its EUR565m 7.125% sr sec notes due 06/01/28 (10% at 103, and the rest at MWC B+50bp), and redeem its EUR500m FRN 12/15/30 (callable at 100). Equity sponsor: Apollo (minority ownership of 31.6%, the rest is public float). Biz: leading gaming operator in Italy across all verticals. HQ: Rome, Italy.

Netroadshow link: https://www.netroadshow.com/events/login?show=2cd60787&confId=80574.