Commentary & Deal Flow

Gruppo San Donato SpA (GRSADO) EUR800m (up from EUR600m) 144A/Reg S sr sec notes due 10/31/31 (6y). NC2 (10/28/27) (MWC B+50bp), then 10/28/27 at 103.25, 10/28/28 at 101.625, 10/28/29 and thereafter at 100. Equity claw: 2y 40% at 106.50. Special call: 10% per year the first 2 years at 103. B3/B (stable/stable). Via BNP (B&D)/IMI/UniCredit jt glocos and physical books/Akros/BPER jt books. No reg rights. List Lux. NY law. CoC at 101. Denoms: 100kx1k. Pays April 30 and October 31, starting 04/30/26. Settles 10/28 (T+8). Reg S ISIN: XS3212436813. IPT: high 6s. Price talk: 6.625% area (+/-12.5). Final terms: EUR800m at 6.50%.

Priced: 6.50% at 100. +431bp vs DBR 0% 15/08/31.

Roadshow (1-on-1s) 10/14-16 (investor call 10:30am UKT 10/14). Books closed at 4:45pm UKT 10/16. UOP: along with $570m term loan (including $250m delayed draw to pay AHP put option by minority shareholders related to the AHP (American Heart of Poland) acquisition), to refi existing debt ($600m sr credit facilities and $305m distribution to parent mainly to refi EUR237m holdco debt). Wholly-owned by the Rotelli family. Biz: leading private hospital operator in Italy and Poland, operating via a network of 130 state-of-the-art facilities. HQ: Milan, Italy.

DealRoadshow direct link: https://dealroadshow.com/e/GSD25IP. Access code: GSD25IP.