By Paul A. Harris
Portland, Ore., Oct. 24 SNAI SpA priced 570 million of five-year senior secured notes (B2/B) in two tranches on Wednesday, according to a market source.
A 320 million tranche of fixed-rate notes priced at par to yield 6 3/8%, on top of yield talk.
A 250 million tranche of three-month Euribor plus 600 basis points floating-rate notes priced at 99, with both the spread and the reoffer price coming on top of talk.
Deutsche Bank ran the books along with UniCredit, Goldman Sachs and BNP Paribas.
Proceeds, together with cash, will be used to finance a tender offer for the 320 million of senior secured notes due 2018, 160 million senior subordinated notes due 2018 and 110 million senior secured notes due 2018.
The issuer is a Milan, Italy-based gaming company.
| Issuer: | SNAI SpA
|
| Amount: | 570 million
|
| Maturity: | Nov. 7, 2021
|
| Securities: | Senior secured notes
|
| Bookrunners: | Deutsche Bank (bill and deliver), UniCredit, Goldman Sachs, BNP Paribas
|
| Trade date: | Oct. 26
|
| Settlement date: | Nov. 7
|
| Ratings: | Moody's: B2
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
|
|
| Floating-rate notes
|
| Amount: | 250 million
|
| Coupon: | Three-month Euribor plus 600 bps
|
| Price: | 99
|
| First call: | Nov. 7, 2017 at 101
|
| Price talk: | Euribor plus 600 bps at 99
|
|
|
| Fixed-rate notes
|
| Amount: | 320 million
|
| Coupon: | 6 3/8%
|
| Price: | Par
|
| Yield: | 6 3/8%
|
| Spread: | 681 bps
|
| First call: | Nov. 7, 2018 at 103.188
|
| Price talk: | 6 3/8% area
|
|
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