Cirsa sets Monday-Tuesday roadshow for €600 million two-part secured notes offering

By Paul A. Harris

Portland, Ore., Jan. 29 – Spain-based global gaming company Cirsa began a Monday-Tuesday roadshow for a €600 million two-part offering of senior secured notes (B2/B+), according to market sources.

The deal includes a benchmark offering of new five-year notes, which come with two years of call protection. Initial guidance is in the mid-6% area.

The offering also includes a benchmark add-on to the Cirsa Finance International Sarl Euribor plus 450 basis points senior secured notes due July 31, 2028, which become callable July 19, 2024 at 101. The original €325 million issue price in July 2023.

Physical bookrunner Deutsche Bank is a joint global coordinator. Barclays, BBVA, Jefferies and UBS are joint global coordinators and joint bookrunners.

Proceeds will be used to refinance €390 million of fixed-rate notes due May 2025, to make a €43 million partial repayment of the 10 3/8% senior secured notes due November 2027 and to make a €150 million partial repayment of the euro-denominated secured PIK toggle notes due October 2025.

Cirsa operates in Spain, Italy and Latin America.

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