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by Stephen Carter
Jan 29, 2026 11:56 AM ET
Italmatch Chemicals SpA (FIREBC) EUR690m 144A/Reg S sr sec notes two-part. B2/B/ B (stable/stable/stable). Via BNP/GS (B&D) jt physical books/Citi/CA/UniCredit jt glocos and jt books. No reg rights. List Lux. NY law. CoC at 101. Denoms: 100kx1k. Settles 02/05 (T+5).
- EUR300m (from EUR300m minimum) fixed rate notes due 02/05/31 (5y). NC2 (02/05/28) (MWC B+50bp), then at 103.125 02/05/28, 101.563 02/05/29, 100 02/05/30. Equity claw: 2y 40% at 106.25. Special call: 10% per year the first 2 years at 103.00. Pays June 30 and Dec 31, starting 06/30/26 (30/360). Reg S ISIN: XS3282797383. IPT high 6%-7%. Price talk: 6.50% area (+/- 0.125%). Final terms: EUR300m at 6.25%. Priced: 6.25% at 100. +387bp vs DBR 0.00% 02/15/31.
- EUR390m (from EUR300m minimum) FRN due 02/05/31 (5y). NC1 (02/05/27) (MWC B+50bp), then at 100. Pays March 31, June 30, Sept 30, Dec 31, starting 06/30/26 (Act/365). Reg S ISIN: XS3282799165. IPT: low-to-mid E+400s. Price talk: E+425bp area (+/- 12.5bp). Final terms: EUR390m at E+412.5bp. Priced: 3mE+412.5bp (0% floor) at 100.
Roadshow (small group meetings) 01/26-28 (investor call at 11:30am UKT 01/26). Books closed at 1pm UKT (from 12pm UKT) 01/29. UOP: along with EUR18m cash on hand, to redeem its EUR390m sr sec FRN due 02/06/28 (callable at 100) and EUR300m 10% sr sec notes due 02/05/28 (callable at 102.50 on 02/06/26). Equity sponsor: Bain. Biz: leading global specialty chemicals manufacturer. HQ: Genoa, Italy.
DealRoadshow direct link: https://dealroadshow.com/e/ITALMATCH26. Entry code: ITALMATCH26.