10/02/2020 Centurion Bidco SpA (Engineering Group)
(CNTRNB) EUR605m 144A/Reg S sr sec notes due 09/30/26 (6y). NC2 (MWC B+50bp), then at 102.938, 101.469, 100. Equity claw: 2y 40% at 105.875. B2/B/BB- (stable/stable/stable). Via BNPP (B&D)/CS joint physical books/Banca IMI (joint glocos)/DB/Nomura/UBI Banca/UniCredit joint books. No reg rights. List Lux. NY law. Settles 10/08 (T+4). Reg S ISIN: XS2241097687. Price talk 6.25% area. Priced: 5.875% at 98.766, yield 6.125%. +686bp vs DBR 0% 08/15/26.
Did telephonic roadshow at 12pm UKT 09/30. 1-on1s followed. Books closed at 10am UKT 10/02. UOP: along with a new EUR38.4m tern loan and EUR5.2m cash on hand, to repay $644.5m bridge loan incurred to fund the LBO of Engineering Ingegneria Informatica SpA by Bain and Neuberger Berman from Apax Partners (Neuberger Berman rolled its stake into one of its new funds) for EUR1.7bn (EUR1.336bn cash and the refi existing debt. Biz: Engineering Ingegneria Informatica SpA is a leading specialist provider of IT services, software development and digital platforms. HQ: Rome, Italy. (Acquisition was announced December 2019, and closed 08/21/20).