By Paul A. Harris
Portland, Ore., March 10 – Media and Games Invest SE (MGI) priced an upsized €225 million issue of four-year senior secured floating-rate notes at par with a 725 basis points spread to three-month Euribor on Thursday, according to market sources.
The issue size increased from €200 million.
The spread came at the cheap end of the 700 bps to 725 bps spread talk.
The Malta-based advertising software platform company plans to use the proceeds for general corporate purposes, including investments, capital expenditures and acquisitions.
Joint bookrunner Pareto Securities was the global coordinator. Nordea was also a joint bookrunner.
With this transaction the company has successfully extended its debt maturity profile, MGI stated in a press release.
As it announced on Wednesday, MGI offered a partial buyback to the holders of its senior secured floating-rate bonds due November 2024, totaling €176.2 million.
The company plans to further decrease leverage, including additional repurchases of the 2024 bonds at or around prevailing market prices and/or redeeming those bonds in full once the redemption premium has decreased, the press release stated.
| Issuer: | Media and Games Invest SE
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| Amount: | €225 million, increased from €200 million
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| Issue: | Senior secured floating-rate notes
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| Tenor: | Four years
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| Global coordinator: | Pareto Securities
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| Bookrunners: | Pareto Securities and Nordea
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| Coupon: | Euribor plus 725 bps
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| Price: | Par
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| Yield: | Euribor plus 725 bps
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| Call protection: | Two years
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| Trade date: | March 9
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| Settlement date: | March 24
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| Price talk: | Euribor plus 200 bps to 225 bps
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