Commentary & Deal Flow

Price Talk: 7NC1: E+375a

IPTs: 7NC1: E+High 300s

• Issuer: Fedrigoni SpA
• Ticker: FEDRIG
• Business: Leading global manufacturer of premium self-adhesive materials and specialty papers, serving approx. 19,000 customers across more than 130 countries. HQ: Milan, Italy.
• Issuer Ratings: B3 (Stable) / B- (Stable) (Moody's/S&P)
• Issue Ratings: B3 / B- (Moody's/S&P)
• Issue Type: Senior Secured Floating Rate Notes due 2033
• Format: 144A / RegS, no reg rights
• Size: €665 million
• Ranking: Senior Secured
• Tenor: 7 years
• Maturity: July 2033
• Call Protection: NC1 (MWC B+50bp), then at par
• Coupon Type: Floating
• Coupon Benchmark: 3mE (0% floor)
• Interest Payment: Quarterly
• Use of Proceeds: Together with EUR5m cash on hand, redeem its existing €665m sr sec FRN due 15-Jan-2030 (callable at par with pay accrued and unpaid interest thereon), and pay transaction fees and expenses
• Denominations: 100k x 1k
• Global Coordinator and Sole Physical Bookrunner: Goldman Sachs Bank Europe SE (B&D)
• Global Coordinators and Joint Bookrunners: Nomura, Santander, UniCredit
• Joint Bookrunners: BNP Paribas, BPER Banca Corporate & Investment Banking, IMI-Intesa Sanpaolo, J.P. Morgan, Mizuho, Monte dei Paschi di Siena, Morgan Stanley, Standard Chartered Bank
• Listing: Luxembourg Stock Exchange
• Governing Law: New York
• Clearing / Settlement: Euroclear / Clearstream
• Equity Sponsors: Bain (46.3%) and BC Partners (46.3%) (management and minority co-investors 7.3%).
• Target Market: 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.
• Schedule:
• Global Investor Call: 27-Jul-26 at 12:30 PM UKT
• Small Group Meetings: 27-Jul-26 and 28-Jul-26
• Books Close: 12:30 UKT Today