Chicago, Sept. 27 – Spanish gaming and leisure concern Cirsa issued an upsized €615 million offering of 4½% 5.5-year senior secured notes (B3/B-) at par, according to an announcement.
The notes, marketed via an investor call, were upsized from an initially announced size of €400 million.
Deutsche Bank, Barclays, BBVA, Credit Suisse, Jefferies and UBS are the joint bookrunners for the Rule 144A and Regulation S offering.
Deutsche Bank, working as stabilization manager, stepped in to stabilize the secondary trading of the notes on Sept. 20 and Sept. 21 at 99.925.
The notes come with two years of call protection. A special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.
The issuing entity is Cirsa Finance International Sarl.
The Madrid-based company plans to use the proceeds to repay bank debt and redeem the 7 7/8% dollar-denominated senior secured notes due 2023 and, with the upsized amount, all of the 6¼% notes due 2023.
| Issuer: | Cirsa Finance International Sarl
|
| Issue: | Senior secured notes
|
| Amount: | €615 million
|
| Maturity: | 2027
|
| Bookrunners: | Deutsche Bank, Barclays, BBVA, Credit Suisse, Jefferies and UBS
|
| Coupon: | 4½%
|
| Price: | Par
|
| Yield: | 4½%
|
| Spread: | 512 bps
|
| Call features: | Two years of call protection; up to 10% annually at 103 during first two years
|
| Trade date: | Sept. 15
|
| Settlement date: | Sept. 27
|
| Ratings: | Moody’s: B3
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Investor call
|
| ISINs: | XS2388186996, XS2388187531
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