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by Stephen Carter
Oct 29, 2025 1:53 PM ET
doValue SpA (DOBIM) EUR350m (up from EUR300m) 144A/Reg S sr sec notes due 11/15/31 (6y). NC2 (11/15/27) (MWC B+50bp) then 11/15/27 at 102.68750, 11/15/28 at 101.34375, 11/15/29 and thereafter at 100. Equity claw: 2y 40% at 105.375. Special call: 10% per year the first 2 years at 103. NR/BB/BB (--/stable/stable). Via Citi (B&D)/UniCredit jt glocos and active books/BPER/Akros/Mediobanca/Equita/IMI/MPS as jt books. No reg rights. List Lux. NY law. CoC at 101. SMR at 100 if the acquisition is not completed by 05/15/26. Denoms: 100kx1k. Pays May 15 and November 15, starting 05/15/26. Settles 11/12 (T+10). Reg S ISIN: XS3221873600. IPT: High 5s - 6.00%. EUR50m upsize for GCP, including refinancing of existing term loan. Price talk: 5.50%-5.75%. Revised price talk: 5.375-5.500% WPIR.
Priced: 5.375% at 100. +310bp vs DBR 0% 08/15/31.
Roadshow (virtual) 10/27-29 (investor call at 11am UKT 10/27). Books closed at 2:45pm UKT 10/29. UOP: along with EUR40m cash on hand, to fund the acquisition of coeo Group GmbH from Waterland Private Equity for EUR350m (EUR50m upsize for GCP, including refinancing existing term loan). Acquisition closing expected in Jan 2026. Principal shareholders: Fortress Investment Group (23%), Elliott (18%) and Bain (10%). Biz: leading independent credit and real estate servicer in Southern Europe (Italy, Spain, Greece). HQ: Verona, Italy.
DealRoadshow link: https://dealroadshow.com/e/SSNI259. Entry code: SSNII259.