Commentary & Deal Flow

Price talk: 8.25%a (+/- 12.5 bps)

IPTs: 8.25-8.50%

• Issuer: Lutech S.p.A. (Ticker: LUTECH)
• Business: Leading Italian provider of digital transformation and AI solutions, specializing in the design, implementation and management of innovative technologies for enterprise customers and public administrations. HQ: Cologno Monzese, Milan, Italy.
• Instrument Ratings: B2/B (stable/stable) (Moody's/S&P)
• Format: Reg S / 144A for life
• Size: €400m
• Tenor: 5-years
• Price talk: 8.25% area (+/- 12.5 bps)
• Use of Proceeds: Along with €96m, to redeem its existing €338m 5.00% Senior Secured Notes 05-Aug-27 (callable 05-Dec-26 at 100), repay its €100m term loan A, €50m shareholders’ distribution and pay transaction costs.
• Ranking: Senior Secured Fixed Rate Notes
• Call Protection: NC2 MWC (B+50bp) (50%,25%,Par). Equity claw: 2y 40%. IPO claw: 2y in whole or in part with the IPO proceeds at 102. Special call: 10% per year the first 2 years at 103.
• Change of Control: 101
• ISINs:
• • Reg S: XS3363444178
  • 144A: XS3363445498
• Joint Global Coordinators and Physical Bookrunners: BNP Paribas, Deutsche Bank (B&D)
• Joint Bookrunners: IMI - Intesa Sanpaolo, SMBC, NatWest, UBS, UniCredit
• Co-Managers: Mizuho, Nomura
• Equity Sponsor: Apax Partners
• Day Count Convention: 360 day year comprised of twelve 30 day months
• Denominations: €100k x €1k
• Listing: Luxembourg Stock Exchange (Euro MTF Market)
• Governing Law: New York
• Target Market: The manufacturer target market (MiFIR and MIFID II product governance) is eligible counterparties and professional clients. No PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the UK.
• Books close: Today, Thursday 30 April 2:45pm BST / 3:45pm CEST, pricing 30-Apr UK afternoon