By Marisa Wong
Los Angeles, Feb. 7 – Sazka Group as announced it priced €600 million combined principal amount of notes (BB-/BB-), comprising €200 million of additional 3 7/8% senior secured notes due 2027 and €400 million of senior secured floating-rate notes due 2028.
The 2027 notes will be issued by Sazka at 99, and the 2028 notes will be issued by Allwyn Entertainment Financing (UK) plc at 99.5 with a margin of 412.5 basis points, according to a press release.
The offering is scheduled to close on Feb. 9.
The 2027 notes will be consolidated with, and fully fungible with, Sazka’s existing 3 7/8% senior secured notes due 2027 issued in 2020. The add-on notes under Rule 144A will be issued on Feb. 15, and those under Regulation S will be issued 40 days after Feb. 9.
Proceeds from the offering will be used to repay in full the €200 million of outstanding fixed-rate notes due 2022 issued by Sazka Group Financing as and the €100 million under the revolving credit facility of Sazka Group Financing (Czech Republic) as. Funds from the new notes will also be used to pay fees in connection with the offering and for general corporate purposes, potentially including bolt-on acquisitions and a €55 million amortization of Sazka Group Financing (Czech Republic)’s term loan A.
The repayment of the 2022 bonds and the revolver will be made by the end of March.
Prague-based Sazka operates lotteries in multiple European countries, including Austria, the Czech Republic, Greece, Cyprus and Italy.
| Issuer: | Sazka Group as
|
| Amount: | €600 million
|
| Announcement date: | Feb. 2
|
| Closing date: | Feb. 9
|
| Ratings: | S&P: BB-
|
| Fitch: BB-
|
|
|
| 2027 add-on
|
| Issuer: | Sazka Group as
|
| Amount: | €200 million
|
| Issue: | Senior secured notes, add-on
|
| Maturity: | 2027
|
| Coupon: | 3 7/8%
|
| Price: | 99
|
| Issue date: | Feb. 15 for Rule 144A notes; 40 days after Feb. 9 for Regulation S notes
|
|
|
| 2028 floaters
|
| Issuer: | Allwyn Entertainment Financing (UK) plc
|
| Amount: | €400 million
|
| Issue: | Senior secured floating-rate notes
|
| Maturity: | 2028
|
| Price: | 99.5
|
| Spread: | 412.5 bps
|
|
|
© 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.
