Spanish gaming firm Codere to price €150 million add-on to 8¼% senior notes due 2015 on Tuesday

By Paul A. Harris

St. Louis, Oct. 27 - Codere Finance SA will make an investor presentation Tuesday morning in London for a €150 million add-on to its 8¼% senior notes due June 15, 2015 (B2/B), according to an informed source.

The deal is expected to price afterwards.

Credit Suisse, Barclays Capital and Morgan Stanley are joint bookrunners for the add-on, which is being marketed as a Rule 144A for life and Regulation S transaction.

The notes are callable on June 15, 2010 at 104.125 and have an equity clawback for 35% at 108.25 until June 15, 2008.

Proceeds will be used to fund an acquisition and a license renewal, as well as to refinance debt and for general corporate purposes.

The prospective issuer is a subsidiary of Spanish gaming firm Codere SA.

The original €335 million issue priced at par in June 2005. Subsequently the company priced a €165 million add-on at 106.25 in April 2006.

The pending transaction will take the total issue size to €650 million.

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