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Commentary & Deal Flow

PRICED: Fedrigoni SpA €665m 7NC1 Snr Sec FRN; 3mE+375bps at 100

HYC European Market: Deal Flow - General

Ticker

Security

Size

IPT

Price Talk

Priced

IPT-Pxd

FEDRIG

Senior Secured Floating Rate Notes due 2033

EUR665m

3mE+High 300s

3mE+375a

3mE+375bp

-12.5

  • Price Progression:
    • Priced: 3mE+375bp at 100 (0% floor)
    • Price talk: 3mE+375a
    • IPT: 3mE+High 300s
  • Issuer: Fedrigoni SpA
  • Ticker: FEDRIG
  • Size: EUR665m
  • Format: 144A/Reg S
  • No Reg Rights: 144A/Reg S for life
  • Security: Senior Secured Floating Rate Notes due 2033 (7y)
  • Issue Ratings: B3 / B- (stable/stable)
  • Maturity: 31-August-2033 (7y)
  • Optional Redemption: NC1 (11-August-2027) (MWC B+50bp)
    • 11-August-2027: 100
  • Change of Control: CoC at 101
  • Payment dates: 30-September, 31-December, 31-March and 30-June of each year, commencing 30-September-2026
  • Denominations: 100kx1k
  • Global Coordinator and Sole Physical Bookrunner: Goldman Sachs Bank Europe SE (B&D)
  • Global Coordinators and Joint Bookrunners: Nomura Financial Products Europe GmbH, Banco Santander SA, UniCredit Bank GmbH
  • Joint Bookrunners: BNP Paribas, BPER Banca SpA, Intesa Sanpaolo SpA, J.P. Morgan SE, Mizuho Bank Europe NV, Morgan Stanley & Co. International plc, Standard Chartered Bank, Banca Monte dei Paschi di Siena SpA
  • Listing: Luxembourg Stock Exchange (Euro MTF)
  • Law: New York
  • Settles: 11-August-2026 (T+9)
  • Trade Date: 29-July-2026
  • 144A ISIN: XS3459788363
  • 144A Common Code: 345978836
  • Reg S ISIN: XS3459788447
  • Reg S Common Code: 345978844
  • UOP: Together with EUR5m cash on hand, redeem existing EUR665m sr sec FRN due 15-January-2030 (callable at par plus accrued and unpaid interest)
  • Equity sponsor: Bain (46.3%) and BC Partners (46.3%) (management and minority co-investors 7.3%)
  • Biz: Leading global manufacturer of premium self-adhesive materials and specialty papers, serving approx. 19,000 customers across more than 130 countries
  • HQ: Milan, Italy

Marketing:

  • Investor Call: 27-July-2026 at 12:30pm UKT
  • Fixed income investor meetings: 27-July-2026 and 28-July-2026
  • Books closed: 12:30pm UKT 29-July-2026