Italian gaming company Sisal is out with the €980m debt package that backs its LBO by Apax Partners and Permira. ABN AMRO, Lehman Brothers, RBS and UniCredito are running books on the senior and second-lien debt, while Banca Intesa, Calyon and Mizuho Corporate Bank are MLAs. Bookrunners on the mezzanine are ABN AMRO, Lehman Brothers, Mizuho Corporate Bank and UniCredito, while Calyon and RBS are MLAs.
Debt comprises a €195m seven-year term loan A at 212.5bp over Euribor, a €225m eight-year term loan B at 250bp, a €225m nine-year term loan C at 300bp, a €40m seven-year revolver at 212.5bp, a €150m seven-year capex facility at 212.5bp, an €85m 9-1/2 year second-lien facility at 500bp, and €160m of ten-year mezzanine paying 4% cash and 5% PIK.
Some €420m of equity underpins the debt, equating to 34% of the EV. Some 97% is being purchased by the two sponsors, while 3% remains in the hands of retailers.
Leverage is 5.5x through the first-lien, 6.4x through the second-lien, and 7.9x total.
Tickets on offer are for senior lead managers on commitments of €30m for a fee of 80bp and for lead arrangers on €20m commitments for 65bp. Some €130m of both B and C tranches has been carved out for institutions. A bank meeting will be held this Tuesday.
Sisal runs gaming brands Totop+, SuperEnalotto, Tris, Totocalcio, Totogol, Big Match and Big Race. Distribution is through a network of 19,000 outlets, most of which are tobacco kiosks or bars. Clessidra is the vendor.