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Commentary & Deal Flow

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PAI Partners SAS

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Conceria Pasubio SpA

by Pankti Antani

Jul 16, 2026 11:57 AM ET

PRICED: Conceria Pasubio €400m 6NC2 Snr Sec 9.50% at 100

HYC European Market: Deal Flow - General

+++Corrects IPT-PXD: -43.75 (not -37.5)+++

Ticker	Security	Term	Tranche Size	IPT	Price Talk	Priced	IPT-Pxd
PSUBIO	9.5% Senior Secured Notes due 2032	6NC2	€400m	High 9s/10%	9.5-9.75%	9.5% at 100	-43.75

Price Progression:
- Priced: 9.5% at 100. +660bp vs DBR 1.7% due 15-August-2032
- Price talk: 9.5-9.75%
- IPT: High 9s/10%
Spread to Benchmark: +660bp
Benchmark: DBR 1.7% due 15-August-2032
Issuer: Conceria Pasubio S.p.A.
Ticker: PSUBIO
Size: €400m
Format: 144A/Reg S; No Reg Rights
Security: 9.5% Senior Secured Fixed Rate Notes due 2032 (6NC2)
Issue Ratings: B3 / B- (stable/stable)
Maturity: 31-July-2032 (6y)
Optional Redemption: NC2 (MWC B+50bp)
27-July-2028: 104.75%
27-July-2029: 102.375%
27-July-2030 and thereafter: 100%
Equity claw: 2y 40% at 109.5
Special call: 10% per year in first 2 years at 103
Change of Control: CoC at 101
Payment dates: 31-January and 31-July of each year, commencing 31-January-2027
Denominations: 100kx1k
144A ISIN: XS3445981007
144A Common Code: 344598100
Reg S ISIN: XS3445916524
Reg S Common Code: 344591652
Listing: Luxembourg Stock Exchange
Law: New York
Joint GloCo and Active Bookrunners: BofA Securities (B&D), Goldman Sachs Bank Europe SE
Joint Bookrunners: Crédit Agricole CIB, J.P. Morgan
Settles: 27-July-2026 (T+7)
Trade Date: 16-July-2026
UOP: Refinance existing (originally issued as Leather 2 SpA) EUR340m Senior Secured Floating Rate Notes due 30-Sep-2028 (callable at 100), repay EUR19m drawn on its RCF, add EUR11m cash to balance sheet and pay transaction fees and expenses
Equity sponsor: PAI Partners
Biz: Pasubio is a leading global supplier of premium leather and luxury materials, combining a strong heritage in automotive interiors with a growing presence in high-end fashion, underpinned by proprietary know-how and an integrated industrial platform.
HQ: Arzignano, Italy