Almaviva SpA (ALMAIN) EUR725m (up from EUR700m) 144A/Reg S sr sec notes due 10/30/30 (6y). NC2 (10/30/26) (MWC B+50bp), then at 102.50, 101.25, 100. Equity claw: 2y 40% at 105.00. Special call: 10% per year the first 2 years at 103. NR/BB/BB+ (--/stable/stable). Via GS (B&D) physical books/BNP jt gloco/Unicredit/IMI/Banca Akros jt books, BPER as co-manager. No reg rights. List Lux. NY law. CoC at 101. The EUR315m virtual tranche A (the Acquisition Tranche) will be subject to SMR at 100 if the acquisition is not completed by 06/09/25. Settles 10/31 (T+5). Reg S ISIN: XS2927492798. IPT: low-mid 5s. Price talk: 5.00%-5.25%. EUR25m upsize for GCP. Final terms: EUR725m at 5.00%.
Priced: 5.00% at 100. +289bp vs DBR 2.40% 11/15/30.
Roadshow (physical meetings at GS London office and Zoom) 10/22-23 (investor call at 11am UKT 10/21). Books closed 12pm UKT 10/23. UOP: finance acquisition of Iteris for $335m, redeem its existing EUR350m sr notes due 10/30/26 (callable at 101.219), EUR30m for GCP (EUR25m upsize for GCP). Biz: Leading provider of IT services, digital relationship management (DRM), Big Data, advanced analytics and AI in Italy and other geographies, in particular Brazil. HQ: Rome, Italy. (Acquisition announced 08/09/2024).
Investor call link: https://urldefense.com/v3/__https:/www.netroadshow.com/events/login?show=a6929ad1&confId=71333__;!!CfuTKkV6j00!qC46-taE62TAg8n9ubGBB4LB_LGUNRq1CL8VMDQtazrnhluTHurORlkUnRwMFSgm2OC5qz1CV4WKlkuStxhwCn8$.
Netroadshow link: https://urldefense.com/v3/__https:/www.netroadshow.com/nrs/home/*!/?show=c94e411b__;Iw!!O2kDR7mm-zSJ!r3AKV_4c-3ucLlxvVIny50Nhui34MKaa-t5lJgFk-dmqff-h9kRJIV9EqoDfUEzvSXv9rar-gqb7qtPAng$. Entry code: ALMAVIVA2024.