Published on 7/21/2016 in the Prospect News High Yield Daily.
New Issue: Gamenet sells €200 million five-year secured notes at par to yield 6%
By Paul A. Harris
Portland, Ore., July 21 – Gamenet Group SpA priced a €200 million issue of five-year senior secured notes (B1) at par to yield 6% on Wednesday, according to a market source.
The yield printed at the tight end of the 6% to 6¼% yield talk.
Credit Suisse was the lead left bookrunner. UniCredit, Banca IMI, Jefferies and UBS were the joint bookrunners.
The Rome-based gaming company plans to use the proceeds to refinance its 7¼% senior secured notes due 2018.
| Issuer: | Gamenet Group SpA
|
| Amount: | €200 million
|
| Maturity: | Aug. 15, 2021
|
| Securities: | Senior secured notes
|
| Lead left bookrunner: | Credit Suisse
|
| Joint bookrunners: | UniCredit, Banca IMI, Jefferies, UBS
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Spread: | 654 bps
|
| First call: | Feb. 15, 2018 at 103
|
| Trade date: | July 20
|
| Settlement date: | Aug. 3
|
| Rating: | Moody's: B1
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6% to 6¼%
|
| Marketing: | Roadshow
|
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