Dolcetto Holdco SpA (DOC Pharma) (DOLCTH) EUR990m 144A/Reg S sr sec notes 2-part. B3/B (stable/stable). Via BNP (B&D)/Barc jt glocos/DB jt physical books/IMI/Mizuho/CA/KKR jt books. No reg rights. List Lux. NY law. Settles 07/14.
- EUR590m (from EUR350m minimum) sr sec fixed-rate notes due 07/14/32 (7y). NC3 (06/25/28) (MWC B+50bp), then at 102.813, 101.406, 100. Equity claw: 3y 40% at 105.625. IPO claw: 4y 50% at 101. Special call: 10% per year the first 3 years at 103. CoC at 101. 30/360. Pays March 15 and Sept 15, starting 09/15/25 (30/360). Denoms: 100x1. Reg S ISIN: XS3106724241. IPT: high 5s-6%. Price talk: 5.75% area (+/- 12.5bp). Revised price talk: 5.625%-5.75%. Priced: 5.625% at 100. +331bp vs DBR 1.70% 08/15/32.
- EUR400m (from EUR350m minimum) sr sec FRN due 07/14/32 (7y). NC1 (06/25/26) (MWC B+50bp), then at 100. CoC at 101. Pays March 15, June 15, Sept 15 and Dec 15, starting 09/15/25 (Actual/360). Denoms: 100x1. Reg S ISIN: XS73106723516. IPT: 3mE+400bp area at par. Price talk: E+375-400bp at par. Revised price talk: E+375bp area at par. Priced: 3mE+362.5bp at 100.
Roadshow (1-on-1s) 06/23-25 (investor call at 1pm UKT 06/30). Books closed at 4:30pm UKT (from 3pm UKT) 06/25. UOP: repay $973m unitranche facility, GCP. Equity sponsors: TPG (804%), ICG (17.9%). Biz: leading Italian generic pharmaceutical company.
Deal roadshow: https://dealroadshow.com/ Entry code: DOC25.