Commentary & Deal Flow

Launched: 5yr: €1bn @ 5.375%
IPTs: 5yr: High 5s%a

• Issuer: FiberCop S.p.A.
• Business: Digital Utility of Italy providing mission-critical digital infrastructure through a leading national fixed-line wholesale network
• Issue: Senior Secured Notes
• Expected Issue Ratings: Ba1/BB+/BB+ (Moody's/S&P/Fitch)
• Rating Split: Issuer: Ba1/BB+/BB (Moody's/S&P/Fitch), Issue: Ba1/BB+/BB+ (Moody's/S&P/Fitch)
• Format: Reg S only
• Size: €1bn
• Tenor: 5 years
• Call Protection: NCL (6 month par call)
• Use of Proceeds: Proceeds from the issuance will be used to fund cash to balance sheet for GCP
• Denominations: €100k x €1k
• Governing Law: English law, save for mandatory provisions of Italian law
• Listing: Luxembourg Stock Exchange
• Joint Global Coordinators and Active Bookrunners: BofA Securities, JPM (B&D), KKR Capital Markets
• Joint Active Bookrunners: Citigroup, UniCredit
• Joint Bookrunners: BBVA, BNP Paribas, CIBC, CACIB, Mediobanca, Mizuho, MUFG, Scotiabank
• Global Investor Call Timing: Today, Wednesday 01-Apr at 10:30am UKT / 11:30am CET
• Pre-registration Link / Replay: https://evercall.co/oacc/66117
• DealRoadshow Direct Link: https://dealroadshow.com/e/FIBERCOPREPLAY
• DealRoadshow Password: FIBERCOPREPLAY
• Target Market / PRIIPS: Manufacturer target market (EU MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA or in the UK
• Timing: Pricing and allocation shortly