By Paul A. Harris
Portland, Ore., May 4 – Tallinn, Estonia-based Olympic Entertainment Group priced a €200 million issue of Odyssey Europe Holdco Sarl 8% five-year senior secured notes (B2/B) at 98.983 to yield 8¼% on Friday, according to a market source.
The deal, which generated interest among European high-yield investors, came at the tight end of the 8% to 8¼% yield talk.
Morgan Stanley was the global coordinator.
Proceeds will be used to help fund the buyout of the gaming group by Novalpina Capital for €288 million.
| Issuer: | Odyssey Europe Holdco Sarl
|
| Amount: | €200 million
|
| Maturity: | May 15, 2023
|
| Securities: | Senior secured notes
|
| Global coordinator: | Morgan Stanley
|
| Coupon: | 8%
|
| Price: | 98.983
|
| Yield: | 8¼%
|
| Spread: | 832 bps
|
| First call: | Callable after two years at 104
|
| Trade date: | May 4
|
| Settlement date: | May 11
|
| Ratings: | Moody's: B2
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 8% to 8¼%
|
| Marketing: | Roadshow
|
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