Commentary & Deal Flow

+++Corrects ratings: NR/BB/(existing BB-)+++

Allwyn Entertainment Financing (UK) plc (SAZKAG) EUR500m 144A/Reg S sr sec notes due 2031 (5.5y). NC2 (MWC B+50bp) (50%, 25%, then par). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. NR/BB/(existing BB-) (--/stable/--). Via Barc/DB (B&D) jt glocos and jt physical books/BNP/Citi/Erste/GS/HSBC/ING/JPM/MS/MUFG/RBI/SMBC/SocGen/UBS/UniCredit/WFS jt books. No reg rights. List ISE. NY law. CoC at 101. Denoms 100x1. IPT: 4.50%-4.75%.

Price talk: 4.25%-4.50%

Roadshow (small group meetings) 07/21 (investor call 11am UKT/12pm CET 07/21). Books close at 12pm UKT/1pm CET 07/22. UOP: refinancing EUR500m 3.875% sr sec notes due 02/15/27 (callable at par). Biz: leading multinational lottery operator. HQ: Lucerne, Switzerland.

Netroadshow link: http://www.netroadshow.com/nrs/home/#!/?show=0b461959.