Report
Asmodee : Issuance Focus
Asmodee has announced plans to issue € 320m of six-year NC2 senior secured notes. The issuance aims to refinance existing 2029 FRNs (€ 320m) through a call at par. These notes were issued in November 2024 as part of a dual financing package that also included senior secured notes due in 2029 with a 5.75% coupon, which remains in place (its first call date being in December 2026). Both senior secured notes will be pari passu after the issuance.The transaction is leverage-neutral at 1.8x net at end-September 2025 and 2.4x including M&A commitments such as put and call options (€ 140m). The financial policy aims to reduce leverage to 2x in the medium term. The IPT is announced at mid-high 4%s. Price talk has been revised to 4.25-4.5%.
Underlying
ASMODEE GROUP
Provider
Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Anne-Barbara Nicco
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