SNAI begins roadshow ahead of possible €460 million two-part issue of senior notes

By Paul A. Harris and Aleesia Forni

Virginia Beach, Nov. 21 - SNAI SpA will begin a European roadshow on Thursday ahead of a possible €460 million two-part offering of senior notes, according to a market source.

The roadshow will begin in Milan at 9 a.m. ET on Thursday and run though Nov. 26, with pricing expected thereafter.

The deal will include €300 million of 4.5-year senior secured notes (expected: mid- to high-B), which will be non-callable for two years.

There will also be €160 million of five-year senior subordinated notes (expected: high CCC).

The subordinated notes will be non-callable for two years.

Proceeds will be used to repay existing debt.

J.P. Morgan Securities LLC will bill and deliver, and is joined by Banca IMI and UniCredit as joint physical bookrunners for the Regulation S and Rule 144A for life deal.

Deutsche Bank Securities Inc. is a joint bookrunner.

The Porcari, Italy-based company is engaged in sports and horse race betting in Italy.

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