Israel’s Playtika talks $600 million eight-year notes at 4¼% area; books close Friday

By Paul A. Harris

Portland, Ore., March 4 – Playtika Holding Corp. talked its $600 million offering of eight-year senior notes (B2/B) to yield in the 4¼% area, according to market sources.

Books close at 11 a.m. ET on Friday.

The deal is oversubscribed and playing to a mix of emerging markets and high-yield accounts, a bond trader said.

BofA is the left bookrunner. Credit Suisse, Citigroup, Morgan Stanley, Goldman Sachs and UBS are joint bookrunners.

The Rule 144A and Regulation S for life notes become callable after three years at par plus 50% of the coupon. They feature a three-year 40% equity clawback at par plus the coupon and a 101% poison put.

The Herzliya, Israel-based developer and publisher of mobile games plans to use the proceeds plus borrowings under its new term loan and cash on the balance sheet to pay off its old term loan.

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