Italy’s Lottomatica hosts investor call for €1.12 billion of fixed- and floating-rate notes

Chicago, May 16 – Italy-based Lottomatica SpA is in the high-yield market with a €1.115 billion two-part bond offering (Ba3/BB-), a market source said.

The issuer is planning to sell senior secured five-year notes that will be split into fixed- and floating-rate parts.

Each tranche will be at least €300 million, but the split beyond that minimum size will be set later.

The fixed-rate tranche will have two years of call protection and then will be callable at 50% of the coupon in year three and 25% of the coupon in year four and then there will be a par call option.

The floaters will have one year of call protection and then a par call option.

Barclays is handling billing and delivery for the fixed-coupon tranche. Deutsche Bank is working on billing and delivery for the floaters.

The joint global coordinators and joint bookrunners are Goldman Sachs, JPMorgan and UniCredit.

Other joint bookrunners are Banca Akros, BNP Paribas and Mediobanca.

The Rule 144A and Regulation S for life notes will be used to refinance senior secured notes due 2025 and pay related fees and expense.

An investor call is being held on Tuesday. Small group meetings will be held on Tuesday and will continue into Wednesday.

Listing will be in Luxembourg.

Lottomatica is a multinational gaming company.

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