Italy's Gamenet sets price talk in €640 million two-part offering, pricing Thursday

By Paul A. Harris

Portland, Ore., July 15 – Rome-based Gamenet Group SpA set talk in its €640 million two-part offering of five-year senior secured notes (B1/B) on Wednesday, according to a market source.

A €340 million tranche of floating-rate notes, callable after one year at 101, are talked with a 575 to 600 basis points spread to Euribor at 98, while a €300 million tranche of fixed-rate notes, callable after two years at par plus 50% of the coupon, are talked to yield 6¼% to 6½%.

Order books for the Rule 144A and Regulation S deal close Thursday.

Global coordinator Credit Suisse Securities (USA) LLC is the lead left bookrunner. Barclays and UniCredit Capital Markets LLC are also global coordinators. Banca IMI and BNP Paribas Securities Corp. are joint bookrunners.

The issuing entity will be Gamma Bidco SpA.

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