By Paul A. Harris
Portland, Ore., Sept. 25 – Grupo Cirsa priced an upsized €400 million issue of LHMC Finco 2 Sarl six-year senior PIK toggle notes (CCC+) at par to yield 7¼% on Wednesday, according to a market source.
The issue size increased from €375 million.
The yield printed at the tight end of the 7¼% to 7½% yield talk.
The notes pay a 7¼% cash coupon that steps up by 75 basis points to 8% for in-kind interest payments.
The Madrid-based gaming and leisure company plans to use the proceeds, including the additional proceeds resulting from the €25 million upsizing of the deal, to fund a distribution to shareholders.
Blackstone Group completed its acquisition of Cirsa in July 2018.
| Issuer: | LHMC Finco 2 Sarl
|
| Amount: | €400 million, increased from €375 million
|
| Maturity: | Oct. 2, 2025
|
| Securities: | Senior PIK toggle notes
|
| Cash coupon: | 7¼%
|
| PIK coupon: | 9%
|
| Price: | Par
|
| Yield: | 7¼%
|
| Spread: | 802 bps
|
| Call: | Make-whole call at Bunds plus 50 bps until Oct. 2, 2021, then callable at 102
|
| Trade date: | Sept. 25
|
| Rating: | S&P: CCC+
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
