Commentary & Deal Flow

• Price Progression:
  • Priced: 3mE+312.5bps at 100 (0% floor)
  • Price talk: E+312.5-325, 100 WPIR
  • IPT: E+325-337.5, 100
• Issuer: Dolcetto Holdco S.p.A. (Doc Pharma)
• Ticker: DOLCTH
• Size: EUR490m
• Format: Reg S / 144A
• Security: Senior Secured Floating Rate Notes
• Corporate Ratings: B3 (positive) / B (stable)
• Issue Ratings: B3 / B
• Maturity: 14-July-2032 (5y)
• Optional Redemption: NC1 (23-September-2027 at 100) (MWC B+50bp)
• Change of Control: CoC at 101
• Payment dates: Quarterly, 15-March / 15-June / 15-September / 15-December, starting 15-December-2026
• Day Count: Actual/360
• Denominations: 100kx1k
• Reg S ISIN: XS3516306712
• 144A ISIN: XS3516307108
• Listing: Luxembourg Stock Exchange
• Law: New York law
• Sole Global Coordinator and Physical Bookrunner: BNP Paribas (B&D)
• Settles: 1-October-2026 (T+6)
• Trade Date: 23-September-2026
• 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

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
• Books closed: 14:15 UKT / 15:15 CET, 23-September-2026
• FTT: 7:30 UKT, 24-September-2026
• ToE: 15:49 UKT, 23-September-2026

https://evercall.co/oacc/14278