Itelyum Regeneration SpA (ITLYUM) EUR725m (up from EUR700m) 144A/Reg S sr sec notes due 04/15/30 (5y). NC2 (04/15/27) ((MWC T+50bp), then at 102.875, 101.438, 100. Equity claw: 3y 40% at 105.75. Special call: 10% per year the first 2 years ar 103. B2/B (stable/stable). Via BofA (B&D)/JPM jt glocos and physical books, GS/IMI/Natixis/UniCredit jt books. No reg rights. List Lux. NY law. CoC at 101. Settles 04/09 (T+10). Reg S ISIN: XS3041347637. IPT: mid-to-high 6s. Price talk: 6.25% area (+/-12.5bp). EUR25m upsize for GCP. Revised price talk: 5.75%-6.00%. Final terms: EUR725m 5.75% at par (FRN dropped).
Priced: 5.75% at 100. +333bp vs OBL 2.40% 04/18/30.
(Originally EUR725m 2-part deal with EUR TBD sr sec FRN due 2030 (5y). NC1 (MWC T+50bp) (then at par). CoC at 101. Floats/pays quarterly (0% floor). IPT: E+low-to-mid 400s. Price talk: E+425bp area (+/-12.5bp) at par. Revised price talk: E+375-400bp at par). Roadshow 03/24-25 (small group calls) (investor call at 11am UKT 03/24) (also did a non-deal roadshow 03/12-13). Books closed at 3:30pm UKT (from 1:30pm UKT and 12pm UKT) 03/26. UOP: repay debt, including its EUR510m 4.625% sr sec notes due 10/01/26 (callable at 101.156) pay down the EUR48m drawn on its revolver, EUR23m to fund recent bolt-on acquisitions and EUR127m (up from EUR102m for GCP. Equity sponsors: Stirling Square Capital Partners and Deutsche Beteiligungs. Biz: waste management with a distinctive focus on recycling and regeneration activities of industrial hazardous waste. HQ: Pieve Fissiraga (Lodi), Italy.
Netroadshow link: https://www.netroadshow.com/events/login?show=d7dda8ff&confId=79928