Commentary & Deal Flow

CEME SpA (CEMEIT) EUR75m 144A/Reg S add-on to its sr sec FRN due 09/30/31 (6y). Callable 09/30/25 (MWC B+50bp), then at 100. Expect B2/B/B (stable/stable/stable). Via GS (B&D)/UniCredit jt phys books/Natixis jt glocos/BPER/DB/IMI jt books. No reg rights. List Lux. NY law. CoC at 101. Denoms: 100kx1k. Permanent Reg S ISIN: XS2906214619. Immediately 144A fungible (Reg S after 40 days) with the EUR360m issue priced 09/19/24. Floats/pays 3mE+450bp (0% floor). Roadshow (small group meetings) 09/10 (investor call 11am UKT 09/09). UOP: fund the acquisition of JLT, and cash on the B/S for GCP. Equity sponsor: Investindustrial. Biz: manufacturer of solenoid pumps and valves serving the coffee and other end markets. HQ: Trivolzio (Pavia), Italy.

Netroadshow link: https://urldefense.com/v3/__https:/www.netroadshow.com/events/login/LE9zwo4BQD1u5GJ0yzJMOPhF0wk2WvJMSI4__;!!O2kDR7mm-zSJ!ukNavrK6Xfwm8X4l4uz4kpEFrbxBEIzzPBqQtT4Dxw9QtjInifrWKR4tUg8AA4SRd28nJYJdIFPCpQ-qfobUjlxzmX8G0gU-eg$.