Lottomatica launches €350 million five-year secured notes at 9¾%; pricing Thursday

By Paul A. Harris

Portland, Ore., Sept. 15 – Italy-based multinational gaming company Lottomatica SpA launched its €350 million offering of five-year senior secured notes (B2/B) with a 9¾% yield, with the deal set to price later on Thursday, according to a market source.

The Rule 144A and Regulation S bonds launched at the tight end of the 9¾% to 10% yield talk. Initial guidance was in the 10% area.

The notes become callable after two years at par plus 50% of the coupon.

Proceeds will be used to fund potential strategic investments or acquisitions, including the refinancing of target debt, and for general corporate purposes.

Joint global coordinator Barclays will bill and deliver. Deutsche Bank is also a joint global coordinator.

Credit Suisse, Goldman Sachs International, JPMorgan and UniCredit are the joint bookrunners.

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