Commentary & Deal Flow

+++Corrects size in the story: EUR100m (not EUR110m)+++

Private placement priced yesterday: Castello (BC) Bidco SpA (Somacis - SO.MA.CI.S SpA) (SOMACI) EUR100m Reg S add-on to its sr sec FRN due 11/14/31 (6y). Callable immediately at 100 on 11/14/25. 90% clean-up call. B2/B (stable/stable). Via BofA/MS placement agents / bookrunners. No reg rights. List Lux. NY law. CoC at 101. Trade date 11/06. Settles 11/13. Temporary Reg S ISIN: XS3228522747; Permanent Reg S ISIN: XS2929905292. Will be fungible after 40-days with the original EUR550m issue priced 10/31/24 and the EUR110m add-on priced 10/17/25. Floats/pays 3mE+450bp (0% floor). The issue price was not disclosed. UOP: along with cash on hand, to fund a proposed acquisition. Sponsors: Bain (minority investors: Chequers and others). Biz: a leading global manufacturer of printed circuit boards (PCBS), focused on high mix, low-volume (HMLV) products for the PCB market. HQ: Castelfidardo, Ancona, Italy.