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Lottomatica talks €400 million pay-if-you-can secured holdco PIK toggle notes in 8¼% area
By Paul A. Harris
Portland, Ore., Nov. 4 – Lottomatica SpA talked €400 million of Gamma Bondco Sarl five-year pay-if-you-can senior secured holdco PIK toggle notes (Caa1/expected CCC+) to yield in the 8¼% area, according to market sources.
Initial guidance was in the low 8% area.
The Rule 144A and Regulation S deal is expected to price Friday.
Joint global coordinator and joint physical bookrunner Barclays will bill and deliver. Goldman Sachs International is also a joint global coordinator and joint physical bookrunner.
Credit Suisse, Deutsche Bank, JPMorgan, Morgan Stanley and UniCredit are joint bookrunners.
Apollo Global Securities is the co-manager.
The notes become callable in three years at par plus 50% of the coupon.
The Rome-based gaming operator plans to use the proceeds to fund a shareholder dividend and the first cash interest payment.
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