Flos B&B Italia SpA (fka Intl Design Group) (INTDGP) EUR550m (up from EUR530m and from EUR470m) 144A/Reg S sr sec FRN due 12/15/29 (5y). NC1 (12/15/25) (MWC B+50bp), then at 100. B2/B/B (stable/stable/stable). Via BofA/JPM (B&D) jt physical books/GS/UniCredit/UBS jt glocos/DNB/HSBC/Natixis jt books. No reg rights. List Lux. NY law. CoC at 101. Pays March 15, June 15, Sept 15, Dec 15, starting 03/15/25. Settles 12/17 (T+10). Reg S ISIN: XS2957515252. IPT: E+400-425bp at par. EUR80m upsize to fund a 10% call at 103 on its sr sec notes due 2028 and GCP. Price talk E+400bp area (+/- 12.5bp) at par. Final terms: EUR550m E+387.5bp at par.
Priced: 3mE+387.5bp (0% floor) at 100.
Roadshow (small group meetings) 12/02-03 (investor call at 10am UKT 12/02). Books closed at 3:30pm UKT 12/03. Reconfirms were due by 4:15pm UKT 12/03. UOP: along with cash on hand, to redeem its existing EUR470m FRNs due 05/15/26 (callable at 100) (EUR80m upsize to fund a 10% call at 103 on its EUR425m 10% sr sec notes due 11/15/28 and GCP). Equity sponsors: Carlyle (50%) and Investindustrial (50%). Biz: Leading global design company in the high-end furniture and lighting markets. HQ: Milan, Italy.
Investor call link: https://www.netroadshow.com/events/login?show=f3ffcbfa&confId=74874; Net Roadshow (Link): https://www.netroadshow.com/nrs/home/#!/?show=b5cd369d; Deal entry code: FlosBB2024 (not case-sensitive).