Sisal Group‘s holding is to launch two high yield bonds for a total consideration of 725 million euros, the bet and payment services Italian group said some days ago (see here the press release).
The bonds will be issued by Schumann spa, the new controlling entity of Sisal Group after the 1 billion euros secondary buyout by CVC Capital Partners announced last May (see here a previous post by BeBeez). The notes are both senior secured and have been assigned a B1 rating by Moody’s (see here the press release). A first tranche will have a 7 years maturity (non callable for 3 years) and the other tranche has a 6 years maturity (non callable for one year).
Proceeds of the offering of the notes will be used to fund part of the purchase price for the acquisition of Sisal Group by the issuer, repay in full amounts outstanding under Sisal Group’s existing debt (including Sisal Group’s existing senior secured notes due 2017 and listed on the ExtraMot Pro market) and fund additional cash on the issuer’s balance sheet for general corporate purposes.
Global coordinators are Morgan Stanley, Credit Suisse and Unicredit, while joint bookrunners are BnpParibas, Deutsche Bank and Ubs. An international roadshow started yesterday and will end next Thursday July 14th.