By Paul A. Harris
Portland, Ore., April 21 – Allwyn Entertainment Financing (UK) plc sold €1.3 billion equivalent of senior secured notes (BB/BB-) in two tranches on Friday, according to market sources.
The deal featured a $700 million tranche of 7 7/8% notes due in April 30, 2029, which priced at par to yield 7.881%.
The dollar notes priced tight to talk in the 8% area. Earlier guidance was in the low-to-mid 8% area.
The deal also featured a €665 million tranche of 7¼% notes due in April 30, 2030, which priced at par to yield 7.255%.
The euro notes priced inside of talk in the 7½% area. Earlier guidance was in the mid-to-high 7% area.
A proposed euro-denominated tranche of floating-rate notes was withdrawn from the market without impacting the overall size of the deal.
Goldman Sachs Bank Europe SE will bill and deliver for all tranches. Physical bookrunners were BNP Paribas for the euro tranche and Goldman Sachs for both tranches. Joint bookrunners were Citigroup, Deutsche Bank, Erste Group, HSBC, ING, JPMorgan, Morgan Stanley, RBI, SG and UniCredit.
Proceeds will be used to redeem the 2024 senior secured notes, to repay the Apollo preference shares issued by Allwyn AG, to repay drawings under the revolver and for general corporate purposes.
Allwyn is a European national lottery operator based in London.
| Issuer: | Allwyn Entertainment Financing (UK) plc
|
| Amount: | €1.3 billion equivalent
|
| Issue: | Senior secured notes
|
| Physical bookrunners: | BNP Paribas (euro tranche) Goldman Sachs (both tranches)
|
| Joint bookrunners: | Citigroup, Deutsche Bank, Erste Group, HSBC, ING, JPMorgan, Morgan Stanley, RBI, SG and UniCredit
|
| Bill and deliver: | Goldman Sachs Bank Europe SE
|
| Trade date: | April 21
|
| Settlement date: | April 28
|
| Ratings: | S&P: BB
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S (without U.S. registration rights)
|
|
|
| Dollar notes
|
| Amount: | $700 million
|
| Maturity: | April 30, 2029
|
| Coupon: | 7 7/8%
|
| Price: | Par
|
| Yield: | 7.881%
|
| Spread: | 421 bps
|
| Call protection: | 2.5 years
|
| Price talk: | 8% area
|
|
|
| Euro notes
|
| Amount: | €665 million
|
| Maturity: | April 30, 2030
|
| Coupon: | 7¼%
|
| Price: | Par
|
| Yield: | 7.255%
|
| Spread: | 482 bps
|
| Call protection: | Three years
|
| Price talk: | 7½% area
|
|
|
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