Great Canadian Gaming starts roadshow for C$425 million equivalent dollar-denominated notes

By Paul A. Harris

Portland, Ore., June 14 – Raptor Acquisition Corp. and Raptor Co-Issuer LLC began a roadshow on Monday for a C$425 million equivalent offering of U.S. dollar-denominated senior secured notes due Nov. 1, 2026 (B2/B+/BB+) backing the buyout of Great Canadian Gaming by Apollo, according to market sources.

Initial guidance is in the mid-5% area.

Barclays is the lead bookrunner. Deutsche Bank, Macquarie, BMO, Citizens and TD are the joint bookrunners.

The Rule 144A and Regulation S for life notes, which have a tenor of 5.5 years, come with 1.5 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. They feature a 40% equity clawback at par plus the full coupon during the non-call period and have a 101% poison put.

Upon closing, Raptor will be merged with and into Great Canadian Gaming.

Proceeds will use to help fund the acquisition of the Toronto-based gaming, entertainment and hospitality company by Apollo Global Management Inc.

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