Allwyn sets tranche sizes, final prices on €1.3 billion two-part notes offering, drops floaters

By Paul A. Harris

Portland, Ore., April 21 – Allwyn Entertainment Financing (UK) plc set tranche sizes and final pricing in its €1.3 billion equivalent two-part offering of senior secured notes (expected ratings BB/BB-), according to market sources.

The Rule 144A and Regulation S deal features a €665 million tranche of 7¼% fixed-rate notes due in April 2030, which become callable after three years at par plus 50% of the coupon. Those notes had been in the market with initial price talk in the 7½% area. Earlier guidance was in the mid-to-high 7% area.

The deal also features a $700 million tranche of 7.88% notes due in April 2029, which become callable after 2.5 years at par plus 50% of the coupon. Those notes were in the market with initial price talk in the 8% area. Earlier guidance was in the low-to-mid 8% area.

Both tranches will be priced at par.

Meantime a proposed euro-denominated tranche of floating-rate notes has been withdrawn from the market without impacting the overall size of the deal.

Both remaining tranches are set to price on Friday.

Proceeds will be used to redeem the 2024 senior secured notes, to repay the Apollo preference shares issued by Allwyn AG, to repay drawings under the revolver and for general corporate purposes.

Goldman Sachs Bank Europe SE is the global coordinator and physical bookrunner for the dollar-denominated notes and will bill and deliver for all tranches.

BNP Paribas and Goldman Sachs are the global coordinators and physical bookrunners for the euro-denominated tranches.

Citigroup, Deutsche Bank, Erste Group, HSBC, ING, JPMorgan, Morgan Stanley, RBI, SG and UniCredit are joint bookrunners for all tranches.

Allwyn is a European national lottery operator based in London.

© 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.