Media and Games Invest sets four-year floaters at €175 million, spread at 625 bps with 98 OID

By Paul A. Harris

Portland, Ore., June 9 – Strong investor demand induced Media and Games Invest SE to set a final size of €175 million for its offering of new four-year senior secured floating-rate bonds, according to market sources.

The size comes at the high end of the €125 million to €175 million range announced earlier in the week.

Final pricing has the coupon set at a 625 basis points spread to three-month Euribor, with no Euribor floor, at OID 98, on top of spread and price talk.

Pareto Securities is leading the deal.

The Valetta, Malta-based online games publisher plans to use the proceeds as additional capital for potential merger and acquisition opportunities and to diversify maturities of its outstanding senior secured bonds.

In connection with the proposed new issue the company will offer a partial buyback to the holders of its outstanding senior secured floating-rate bonds due November 2024, Media and Games stated in a Wednesday press release, adding that investors participating in the new deal will be offered priority in the buyback allocation, the purchase price for which will be determined by way of a book building process.

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