Commentary & Deal Flow

• Price Progression:
  • Price talk: E+ 375-400bp / 99.50
  • IPT: E+ 400-425bp / 99.50
• Issuer: Lifting Control Holding S.p.A. (holding company of Fassi Gru S.p.A.)
• Ticker: LCHSPA
• Size: EUR450m
• Format: Reg S / 144A
• No Reg Rights: 144A/Reg S for life
• Security: Senior Secured Notes
• Issue Ratings: B1 / B / BB- (stable/stable/stable)
• Maturity: 2033 (7y)
• Optional Redemption: NC1 (MWC B+50bp), Par
• Change of Control: CoC at 101
• Denominations: 100kx1k
• Listing: Luxembourg (Euro MTF)
• Law: New York
• Joint Global Coordinators and Joint Physical Bookrunners: UniCredit (B&D), UBS, IMI Intesa Sanpaolo
• Joint Bookrunners: Banca Akros - BPM, BNPP, CACIB, Mediobanca, Natixis
• Settles: Euroclear / Clearstream
• Doc changes:
  • Inclusion of J-Crew, Chewy and Serta protections
  • High-watermark removal
  • Non-guarantor debt under ratio debt basket capped at 1.0x EBITDA
  • RP package: remove possibility to distribute cash overfunding
  • Investments: remove “no worse” prong
• UOP: (i) Repay in full and cancel the EUR97m Refinanced Fassi Indebtedness, including accrued and unpaid interest thereon (ii) repay in full of the Existing EUR228m Vendor Loan, including accrued and unpaid interest thereon (iii) fund the EUR43m purchase price for the Bolt-on Acquisitions, and (iv) fund a EU75m distribution to the parent (Elevation Investment Opportunities S.à r.l.).
• Equity sponsor: Investindustrial (69%) (the Fassi Family owns 30%)
• Biz: Leader in vertical lifting solutions, specializing in the design, engineering, manufacturing, and distribution of highly engineered and robotised lifting, handling, access, and automation solutions
• HQ: Milan, Italy
  Marketing:
• Investor Call: 14-September-2026 at 11:00 UKT / 12:00 CET
• Fixed income investor meetings: 14-September to 15-September
• Books close: Today at 15:00 UKT

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