06/08/2023 IPD 3 BV (Infopro Digital) (IPDEBV) EUR975m 144A/Reg S sr sec notes two-part. B2/B/B+ (stable/stable/stable). Via BNP (B&D FRN)/JPM (B&D fixed rate) jt physical books/BofA/DB/MS jt glocos and books. No reg rights. List Lux. NY law. Settles 06/15 (T+5).
- EUR475m (from EUR400m minimum) FRN due 06/15/28 (5y). NC1 (MWC B+50bp), then at 100. Quarterly pay vs 3mE (0% floor). Reg S ISIN: XS2631199168. IPT: E+500bp at 97.50-98.00. Px talk: E+475bp at 98.00-98.50. Final terms: EUR475m E+475bp at 99.00. Priced: 3mE+475bp (0% floor) at 99.00.
- EUR500m (from EUR400m minimum) due 06/15/28 (5y). NC2 (MWC B+50bp) then at 104.00, 102.00, 100. Equity claw: 2y 40% at par 108. Special call: 10% per year the first 2 years at 103. Semi pay. Reg S ISIN: XS2631198863. IPT: 8.50%-8.75%. Px talk: 8.25% area (+/- 12.5bp). Final terms: EUR500m at 8.00%. Priced: 8.00% at 100. +556bp vs OBL 2.20% 04/13/28.
Roadshow 06/06-07 (investor call at 11am UKT yesterday). Books closed at 1:30pm UKT 06/08. Reconfirmed orders were due by 3pm UKT 06/08. UOP: finance TowerBrook's sale, recap, debt refinancing, and reinvestment of Infopro Digital to TowerBrook's new fund (TowerBrook will own 74% of Infopro Digital with management and outside investors owning the remainder) for EUR1.56bn cash, and redeem Infopro's existing EUR500m 5.50% fixed rate notes due 12/01/25 (callable at 102.75) and EUR315m FRN due 12/01/25 (callable at 100). TowerBrook, management and other new investors will contribute EUR1.37bn in cash equity. Biz: a leading B2B information services provider. HQ: Antony, France; Schiphol, The Netherlands. (Sale/recap announced 05/24/2023).