Commentary & Deal Flow

+++Corrects headline to reflect upsize+++

Nexture SpA (NXTURE) EUR500m (up from EUR475m) 144A/Reg S sr sec FRN due 07/30/32 (6.5y). NC1 (MWC B+50bbp) (par). B2/B/B+ (stable/stable/stable). Via Unicredit (B&D)/BNP/UBS jt physical books/IMI/CA/Natixis jt glocos/ING/Rabo jt books. No reg rights. List Lux. NY law. CoC at 101. Day count: Act/365.  Denoms: 100x1. IPT: E+375bp area (+/- 12.5bp) at par (note: this was incorrectly posted as E+275bp area yesterday). EUR25m upsize for cash on B/S and GCP.

Price talk: E+350bp area (+/- 12.5bp) at par.

Roadshow (investor meetings) 01/27-28 (investor call 2pm UKT 01/26). Books close at 1pm UKT 01/28. Pricing 01/28 UK afternoon. UOP: along with a new EUR304m equity from Investindustrial and EUR14m cash on hand, to fund the EUR755m cash purchase price for the Frulact and Sipral acquisitions, including repayment of Frulact's and Sipral's existing debt (EUR25m upsize for cash on B/S). Equity sponsor: Investindustrial. Biz: global integrated platform active in the development and manufacturing of value-added highly customized food systems and fruit-based ingredients. Nexture was created in 2025 from the combination of Investindustrial's two portfolio companies CSM Ingredients Sarl and Italcanditi SpA. HQ: Milan, Italy. (Frulact acquisition announced 11/07/25; Spiral Padana acquisition announced 12/21/25).

Netroadshow direct link: https://www.netroadshow.com/events/login/LE9zwo3l1chJpzXvqxwVfiHwsrE1D4gMo9J.