Bally’s kicks off $2 billion two-part unsecured notes offering backing Gamesys acquisition

By Paul A. Harris

Portland, Ore., July 30 – Bally’s Corp. plans to price a $2 billion two-part offering of senior notes (expected ratings B3/CCC+/B-) in the week ahead, market sources say.

A roadshow is set to run on Tuesday and Wednesday with pricing slated for Thursday.

The Rule 144A and Regulation S for life deal includes eight-year notes that come with three years of call protection and 10-year notes that come with five years of call protection.

Tranche sizes remain to be determined.

Deutsche Bank Securities Inc. is the left lead bookrunner. Goldman Sachs & Co. LLC, Barclays, CFGRPI, Truist Securities Inc., CAPFIN and Fifth Third Securities Inc. are the joint bookrunners.

The issuing entities will be Premier Entertainment Sub, LLC and Premier Entertainment Finance Corp., escrow issuers that will be merged with Bally’s upon completion of the acquisition.

The Providence, R.I.-based casino-entertainment company plans to use the proceeds to help fund its acquisition of Gamesys Group plc.

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