Sisal tightens talk on €530 million seven-year senior secured floater to Euribor plus 400 bps

By Paul A. Harris

Portland, Ore., Dec. 5 – Italian bookmaker Sisal Group SpA tightened talk on its €530 million offering of seven-year senior secured floating-rate notes (B2/BB-) to Euribor plus 400 basis points from earlier talk of Euribor plus 425 bps to 450 bps, market sources said.

The Milan-based company was expected to conclude a roadshow for the deal on Thursday.

UBS is leading the offering.

The notes come with one year of call protection.

Proceeds will be used to help effect a corporate partnership between Sisal Group, which is indirectly owned by CVC Partners, and Banca 5 SpA, which is directly owned by Intesa Sanpaolo.

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