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by Stephen Carter
Jan 28, 2026 1:59 PM ET
FIS - Fabbrica Italiana Sintetici SpA (FISITA) EUR770m (up from EUR750m) fixed/floating sr sec notes two-part. B2/B/BB- (stable/stable/stable). Via BNP (B&D)/GS jt physical books/Nomura jt glocos/Akros-BPM/Barc/BofA/BPER/Citi/IMI/JPM/KKR/MS/RBC/UniCredit jt books. No reg rights. List Lux. NY law. CoC at 101. Denoms: 100kx1k. Settles 02/05 (T+6). EUR20m upsize to repay the PIK notes.
- EUR300m fixed-rate notes due 02/05/31 (5y). NC2 (02/05/28) (MWC B+50bp), then at 102.625 02/05/28, 101.3125 02/05/29, 100 02/05/30. Equity claw: 2y 40% at 105.25. IPO claw: 2y in whole or in part at 102. Special call: 10% per year the first 2 years at 103. Pays Feb 01 and Aug 01, starting 08/01/26 (30/360). Reg S ISIN: XS3280962856. IPT: 6.00%-6.25%. Price talk: 5.75%-6.00%. Revised price talk: 5.50%-5.75%. Final price talk: 5.375% area (+/-12.5bp). Priced: 5.25% at 100. +288bp vs DBR 0.00% 02/15/31.
- EUR470m FRN due 02/05/31 (5y). NC1 (02/05/27) (MWC B+50bp), then at 100. Pays Feb 01, May 01, Aug 01, Nov 01, starting 05/01/26 (Act/365). Reg S ISIN: XS3280963821. IPT: E+400bp at par. Price talk: E+375-400bp. Revised price talk: E+350b-375bp at par. Final price talk: E+337.5bp area (+/-12.5bp). Priced: 3mE+325bp at 100.
Roadshow (small group meetings) 01/26-28 (investor call at 10:30am UKT 01/26). Books closed at 1:45pm UKT (from 12pm UKT) 01/28. UOP: along with EUR26m cash on hand, to refinance its existing EUR400m notes (EUR350m 5.625% sr sec notes due 08/01/27 (callable at 100) and EUR50m private placement S-L sr sec FRN due 2027), repay EUR53m cvt bond, fund EUR312m shareholder distribution (EUR20m upsize to repay the PIK notes). Equity sponsor: Bain (86%). Biz: a leading global CDMO developing and manufacturing a broad range of small molecules active pharmaceutical ingredients (APIs) for the pharmaceutical industry. HQ: Montecchio Maggiore, Vicenza, Italy.
DealRoadshow direct link: https://dealroadshow.com/e/molecule2026. Entry Code: molecule2026.