GAMENET- New Issue Comment 17April2018
Gamenet is roadshowing €225m of 5NC1 senior secured FRNs until Thursday, with proceeds earmarked to refinance its unique bonds, the €200m senior secured fixed-rate notes due 2021, at call price of 103. This is the second time that the Italian firm has set out to refinance, after the changes made in 2016. Net leverage will remain broadly unchanged at 2.1x post-deal (against 2.0x pre) while we estimate the transaction to entail some €2m of interest expense savings compared to the €17m spent last year.
Co. is engaged in organizing and managing business activities of video lottery terminal, amusement with prize, betting and online and direct management of owned gaming halls.
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