Commentary & Deal Flow

Private placement: doValue SpA (DOBIM) EUR60m Reg S only add-on to its 5.375% sr sec notes due 11/15/31 (5.5y). NC1.5 (11/15/27) (MWC B+50bp) then 11/15/27 at 102.68750, 11/15/28 at 101.34375, 11/15/29 and thereafter at 100. Equity claw: 1.5y 40% at 105.375. Special call: 10% per year the first 1.5 years at 103. Existing NR/BB/BB. Via UniCredit sole placement agent/Citi jt passive placement agent. List Lux. NY law. CoC at 101. Denoms: 100kx1k. Pays May 15 and Nov 15, starting 15-Nov-26. Settles 16-Jul-25. Reg S ISIN: XS3221873600. Immediately fungible (category 1) with the original EUR250m issue that priced 29-Oct-2025. The price was not disclosed. UOP: refinance a portion of its existing term loan and GCP. Principal shareholders: Fortress Investment Group (23%), Elliott (18%) and Bain (10%). Biz: leading independent credit and real estate servicer in Southern Europe (Italy, Spain, Greece). HQ: Verona, Italy.