CEME SpA (CEMEIT) EUR360m sr sec FRN due 09/30/31 (7y). NC1 (09/30/25) (MWC B+50bp), then at 100). B2/B/B (stable/stable/stable). Via GS (B&D)/UniCredit jt phys books/Natixis jt glocos/BPER/DB/IMI jt books. No reg rights. List Lux. NY law. COC at 101. Settles 09/30 (T+7). Reg S ISIN: XS2906214619. IPT: E+475-500bp (0% floor) at 98.50 OID. Price talk: E+475bp (0% floor) at 98.50-99.00 OID. Revised price talk: E+450-475bp (WPIR) (0% floor) at 99.00 OID.
Priced: : 3mE+450bp (0% floor) at 99.00.
Roadshow (small group meetings) 09/17-18 (investor call 2:30pm UKT 09/16). Books closed at 4:15pm (from 3:30pm) 09/19. UOP: to finance the consolidation of Fluid Control (U.S. entities Procon and Micropump) already acquired by CEME's parent company in 2023 and recapitalize the combined company, specifically: along with EUR43m cash on hand, to repay CEME's EUR235m existing term loans, repay Fluid Control's EUR69m existing term loans, and repay $85m equity bridge loan (shareholder loans) provided by CEME's parent to fund the acquisition of Procon and Micropump by Fluid Control in 2023. Equity sponsor: Investindustrial. Biz: manufacturer of solenoid pumps and valves serving the coffee and other end markets. HQ: Trivolzio (Pavia), Italy.
NetRoadshow: https://www.netroadshow.com/ev...;confId=71266