Commentary & Deal Flow

• Price Progression:
  • PX Talk: E+312.5-325, 100 WPIR
  • IPT: E+325-337.5, 100
• Issuer: Dolcetto Holdco S.p.A.
• Ticker: DOLCTH
• Size: EUR490m
• Format: Reg S / 144A
• Security: Senior Secured Floating Rate Notes
• Expected Issue Ratings: B3 / B
• Corporate Ratings: B3 (positive) / B (stable)
• Maturity: 14-July-2032 (6y)
• Optional Redemption: NC1 (14-July-2027 at par) (MWC B+50bp)
• Change of Control: CoC at 101
• Denominations: 100kx1k
• Reg S ISIN: XS3516306712
• 144A ISIN: XS3516307108
• Listing: Luxembourg Stock Exchange
• Law: New York law
• Interest payment dates: Pays March 15, June 15, Sept 15, Dec 15, starting 15-Dec-2026
• Sole Global Coordinator and Physical Bookrunner: BNP Paribas (B&D)
• UOP: Together with cash on balance sheet to redeem existing $490m FRN due 07/14/32 (callable at 100), pay costs, fees, and expenses
• Equity sponsor: TPG (80..4%, ICG (17.9%).
• Biz: Leading Italian generic pharmaceutical company. HQ: Milan, Italy
• Timing: Books Close Today 14:15 UKT/15:15 CET, Pricing thereafter
  Marketing:
• Investor Call: Global Investor Call (GIC) 22-September at 09:00 UKT / 10:00 CET
• Fixed income investor meetings: 1-on-1s 22-September

https://evercall.co/oacc/14278