Lottomatica sets price talk in €500 million two-part notes offering; books close Tuesday

By Paul A. Harris

Portland, Ore., Nov. 28 – Lottomatica Group SpA set price talk in its €500 million two-part offering of Lottomatica SpA senior secured notes (Ba3/BB-), according to market sources.

The deal includes a new tranche of seven-year floating-rate notes talked with a 400 basis points spread to Euribor, with no Euribor floor, at 99 to 99.5. The new floating-rate notes come with one year of call protection.

The second tranche is comprised of an add-on to the 7 1/8% senior secured notes due June 1, 2028 talked at 102 to 102.5. Those notes become callable on June 1, 2025 at 103.563. The €565 million original issue priced in May 2023.

Tranche sizes remain to be determined.

Books close on Tuesday.

Deutsche Bank is the global coordinator and sole physical bookrunner in a syndicate of deal-runners that also includes Barclays, BNP Paribas, UniCredit, Banca Akros SpA and JPMorgan.

The Italy-based multinational gaming company plans to use the proceeds plus available cash to finance the acquisition of sports betting firm SKS365 Malta Holding Ltd.

The acquisition was announced in November.

Lottomatica also announced that it has obtained an extension of its existing revolving loan facility for a total €50 million, contingent upon the completion of the acquisition.

Lottomatica SpA is a wholly owned subsidiary of Lottomatica Group.

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