11/26/2021 Verde Bidco SpA (Itelyum Group) (ITLYUM) EUR30m 144A/Reg S add-on to its 4.625% sustainability-linked sr sec notes due 10/01/26 (5y). NC2 (10/01/23) (MWC B+50bp), then at 102.313, 101.156, 100. Equity claw: 2y 40% at 104.625. Special call: 10% per year the first 2 years at at 103. B2/B (stable/stable). Via BofA sole physical books. No reg rights. List Lux. NY law. . SLB step-up: 30bp step-up each for two SPTs if not met by 2025. SPT1: gross CO2e avoided emissions to increase by 25% by 2025 vs 2020, SPT2: quality of waste managed and sent to circular treatment to increase by 25% by 2025 vs 2020. Intermediate soft targets to step up call premium if notes called before target date. Trade date 11/26. Settles 12/03 (T+5). Reg S ISIN: XS2389112736. Immediately fungible with the EUR450m issue priced 09/15/21 and the EUR30m add-on priced 10/29/21. Priced: 4.625% at 101.125, 4.362% YTM. +504bp vs DBR 0% 08/15/26. UOP: GCP and to pay transaction related fees and expenses. 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.