By Paul A. Harris
Portland, Ore., Nov. 5 – Lottomatica SpA priced a €400 million issue of Gamma Bondco Sarl five-year pay-if-you-can senior secured holdco PIK toggle notes (Caa1/CCC+) at par, with a cash yield of 8 1/8%, according to market sources.
The yield printed at the tight end of price talk in the 8¼% area and in line with initial guidance in the low 8% area.
Joint global coordinator and joint physical bookrunner Barclays will bill and deliver. Goldman Sachs International is also a joint global coordinator and joint physical bookrunner. Joint bookrunners were Credit Suisse, Deutsche Bank, JPMorgan, Morgan Stanley and UniCredit.
The Rome-based gaming operator plans to use the proceeds to fund a shareholder dividend and the first cash interest payment.
| Issuer: | Gamma Bondco Sarl
|
| Amount: | €400 million
|
| Maturity: | Nov. 15, 2026
|
| Securities: | HoldCo senior secured PIK toggle notes
|
| Physical bookrunners: | Barclays (bill and deliver) and Goldman Sachs International
|
| Joint bookrunners: | Credit Suisse, Deutsche Bank, JPMorgan, Morgan Stanley and UniCredit
|
| Co-manager: | Apollo Global Securities
|
| Cash coupon: | 8 1/8%
|
| PIK coupon: | 8 7/8%
|
| Price: | Par
|
| Cash yield: | 8 1/8%
|
| Spread: | 868 bps
|
| First call: | Nov. 10, 2023 at 104.063
|
| Trade date: | Nov. 5
|
| Settlement date: | Nov. 10
|
| Ratings: | Moody's: Caa1
|
| S&P: CCC+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 8¼% area
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
