Lottomatica starts roadshow for €400 million pay-if-you-can secured holdco PIK toggle notes

By Paul A. Harris

Portland, Ore., Nov. 2 – Lottomatica SpA plans to sell €400 million of Gamma Bondco Sarl five-year pay-if-you-can senior secured holdco PIK toggle notes (expected ratings Caa1/CCC+), according to a market source.

The deal, which was scheduled to kick off on a Tuesday conference call with investors, is in the market with initial price talk in the low 8% area.

Investor calls continue through Thursday.

Joint global coordinator and joint physical bookrunner Barclays will bill and deliver. Goldman Sachs International is also a joint global coordinator and joint physical bookrunner.

Credit Suisse, Deutsche Bank, JPMorgan, Morgan Stanley and UniCredit are joint bookrunners.

Apollo Global Securities is the co-manager.

The Rule 144A and Regulation S notes become callable in three years at par plus 50% of the coupon.

The Rome-based gaming operator plans to use the proceeds to fund a shareholder dividend and the first cash interest payment.

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