by Stephen Carter
May 02, 2025 5:41 AM ET
LHMC Finco 2 Sarl (Cirsa)(LHMCFI) EUR550m (up from EUR320m) 144A/Reg S sr sec PIK toggle notes due 2030 (5y). NC1 (MWC B+50bp) (102, 101, par). --/B- (--/stable). Via DB (B&D) physical books/Barc/BBVA/Jefferies/MS/SocGen/UBS jt glocos and books. No reg rights. List Lux. NY law. PIK interest at company option if certain conditions are met on May 15 and Nov 15, starting 11/15/25. CoC at 101. IPT: 8.75% area (+/-0.125%). EUR230m upsize to repay EUR35m revolver draw and repay EUR190m of the EUR520m FRN due 07/31/28 (callable at 101).
Price talk: 8.625% cash/9.375% PIK.
Roadshow (virtual small group meetings) 05/01 (investor call at 10:30am UKT 05/01). Books close at 11:30am UKT 05/02. Pricing 05/02 UK afternoon. UOP: redeem its EUR306m 7.25%/8.25% sr sec PIK toggle notes due 10/02/25 (callable at 100) (EUR230m upsize to repay EUR35m revolver draw and repay EUR190m of the EUR520m FRN due 07/31/28 (callable at 101)). Equity sponsor: Blackstone. Biz: a direct holding company of Cirsa, a global gaming company with presence in Spain and Italy and a number of countries in Latin America, and leading positions in the operation of casinos & gaming halls, slot route operations and online gaming and betting. HQ: Terrassa, Barcelona, Spain.
Netroadshow link: Link: Link: https://www.netroadshow.com/nrs/home/#!/?show=bcc93f66 (entry code Cirsa5712).