Commentary & Deal Flow

Priced: 5NC2: 8.125% / 100
Benchmark: DBR 0% 15-Feb-31 / B+541bp

Price talk: 5NC2: 8.25%a (+/- 12.5bp)
IPTs: 5NC2: 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.
• Issue: Senior Secured Fixed Rate Notes
• Currency: €
• Size: €400m
• Coupon: 8.125%
• Issue Price: 100
• Maturity: 15-May-31
• Corporate Ratings: B2/B (stable/stable) (Moody's/S&P)
• Instrument Ratings: B2/B (Moody's/S&P)
• Day Count Convention: Interest will be computed on the basis of a 360 day year comprised of twelve 30 day months
• Interest Payment Date: 15th May / 15th November
• First Interest Payment Date: 15-Nov-26
• Optional Redemption:
• • Non-callable for 2 years until 15-May-28 (MWC B+50)
  • Commencing on 15-May-28: 104.0625
  • Commencing on 15-May-29: 102.03125
  • Commencing on 15-May-30 and thereafter: 100
• Call Protection: NC2 MWC (B+50bp). Equity claw: 2y 40% at 108.125. 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.
• Format: 144A / Reg S for Life
• ISINs:
• • Reg S: XS3363444178
  • 144A: XS3363445498
• Benchmark: DBR 0% 15-Feb-31
• Spread to Benchmark: 541bp
• Denomination: €100k x €1k
• Trade Date: 30-Apr-26
• Settlement Date: 19-May-26 (T+10)
• Joint Global Coordinators and Physical Bookrunners: BNP Paribas, Deutsche Bank (B&D)
• Joint Bookrunners: IMI - Intesa Sanpaolo, NatWest, UBS, UniCredit, SMBC
• Co-Managers: Mizuho, Nomura
• Equity Sponsor: Apax Partners
• 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.
• Change of Control: 101
• Governing Law: New York
• Listing: Luxembourg Stock Exchange (Euro MTF Market)
• 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.
• Free to Trade: 01-May-26 7:30am UKT / 8:30am CET
• Books closed: Today, Thursday 30 April 2:45pm BST / 3:45pm CEST, pricing 30-Apr UK afternoon
• Global Investor Call: Tuesday 28-Apr - 3:30PM UKT / 4:30PM CET
• Call Registration: https://www.netroadshow.com/events/login/1PeTHmohMS6xz2XKTMAT9viR3Pv7ZLGdj1YcF
• Operator Assisted Dial-In:
• • United Kingdom (Local): +44 20 3936 2999
  • United Kingdom (Toll-Free): +44 808 189 0158
  • Access Code: 740350
• RSP & Red OM:
• • Link: www.netroadshow.com/nrs/home/#!/?show=9492f421
  • Code: Lutech2026