09/18/2024 Bubbles Bidco SpA (Acqua & Sapone - Cesar SpA) (BUBBID) EUR850m 144A/Reg S sr sec notes two-part. B2/B (stable/stable). Via Barc (B&D)/DB jt physical books/UniCredit jt glocos/IMI/Natixis/BPER jt books. No reg rights. NY law. List Lux. SMR at 100 if the acquisition is not completed by 01/06/25. Settles 10/02 (T+10).
- EUR400m (up from EUR350m minimum) fixed-rate sr sec notes due 09/30/31 (7y). NC3 (09/30/27) (MWC B+50bp), then at 103.25, 101.625, 100. Equity claw: 3y 40% at 106.50. Special call: 10% per year the first 3 years at 103. CoC at 101. Reg S ISIN: XS2904660755. IPT: 6.75%-7.00% (at par). Price talk: 6.50%-6.75% at par. Priced: 6.50% at 100. +448bp vs DBR 0.00% 08/15/31.
- EUR450m (from EUR400m minimum) sr sec FRN due 09/30/31 (7y). NC1 (09/30/25) (MWC B+50bp),, then at 101, 100. CoC at 101. Reg S ISIN: XS2904658429IPT: E+450bp at 99.00-99.50. Price talk: E+425-450bp at 99.50. Priced: 3mE+425bp at 99.50.
Roadshow 09/16-17 (investor call 11am UKT 09/16). Books closed at 2:30pm UKT 09/18. UOP: fund the majority (60%) acquisition of Acqua & Sapone by TDR Capital from H.I.G. Capital and the Barbarossa family (each will retain 20% minority stakes), and repay EUR431m Acqua & Sapone net debt. Approximately EUR1.7bn enterprise value (EUR975m equity value, EUR590m contributed by TDR). Biz: Leading Italian Non-Food Value ("NFV") retailer specialized in Home and Personal Care categories with a network of 727 stores in Italy. HQ: Milan, Italy. (Acquistion announced 05/06/2024).
NetRoadshow/GIC registration: https://urldefense.com/v3/__ht...;confId=71100__;!!JqX-yBvFPUQ!iArqUxOBe6tGCj-FQZOjuMMZrWkjkHB89krkifTf1dhkAe9JKz3tbG0vq3rCp0iHT_LUKL_FcCX4wD38lR5pOGhU0mCX_RM$