Lottomatica sheds proposed tap as books close on €500 million seven-year floating-rate notes

By Paul A. Harris

Portland, Ore., Nov. 28 – Lottomatica Group SpA dropped a proposed add-on tranche as books closed on Tuesday on a €500 million offering of Lottomatica SpA seven-year senior secured floating-rate notes (Ba3/BB-), according to market sources.

Pricing on the floater will feature a 400 basis points spread to Euribor, with no Euribor floor, at 99.5. The issue price comes at the rich end of the 99 to 99.5 price talk, while the spread comes on top of talk.

The Italy-based multinational gaming company dropped a proposed add-on to its 7 1/8% senior secured notes due June 1, 2028.

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.

Proceeds plus available cash will be used 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.

© 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.