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Related Issuers
by Stephen Carter
Oct 26, 2026 5:57 AM ET
Respighi HoldCo SpA (Recordati SpA) EUR6.05bn equiv (US$/EUR) 144A/Reg S sr sec notes 5-part. Ratings TBA. Via GS (B&D EUR FRN)/DB (B&D EUR fixed)/JPM (B&D US$) jt glocos and physical books/Barc/BBVA/BNP/BofA/BPER Banca/Citi/CA/HSBC/ING/IMI/Jefferies/ KKR/Mediobanca/Mizuho/MS/Natixis/Nomura/SMBC/UBS/UniCredit jt books. No reg rights. List Lux. NY law.
- EUR2.05bn sr sec FRN due 2033 (7y). NC1. GS left lead (B&D). Denoms: 100kx1k. IPT: E+400 area (+/- 1/8) at par.
- EUR2bn total fixed rate. DB left lead (B&D):
- EUR500m minumum sr sec notes due 2031 (5y). NC2 (50%, 25%, par). Denoms: 100kx1k. IPT: High 6s.
- EUR500m minimum sr sec notes due 2033 (7y). NC3 (50%, 25%, par). Denoms: 100kx1k. IPT: Low 7s.
- US$ EUR2.0bn equivalent total fixed rate. JPM left lead (B&D):
- EUR500m minium equiv US$ sr sec notes due 2031 (5y). NC2 (50%, 25%, par). Denoms: 200kx1k. IPT: High 7s.
- EUR500m minimum equiv US$ sr sec notes due 2033 (7y). NC3 (50%, 25%, par). Denoms: 200kx1k. IPT: Low 8s.
Roadshow (1x1s) starts 10/26 (Investor call at 2:30pm UKT/3:30pm CET/10:30am NYT10/26). UOP: fund the acquisition of Recordati for EUR53.00 per share (EUR10.52bn total) (Rossini has tendered its approx 47% shareholding), by CVC and Groupe Bruxelles Lambert (GBL) and others (ADIA, CPP, PSP, StepStone, AlpInvest, MGG Strategic, CapSol), including refinancing Recordati's outstanding debt and funding E200m opening cash on B/S. Equity sponsors: CVC/GBL +others. Closing is expected in Q4 2026. Biz: Recordati is a well-established international pharmaceuticals group involved in the research, development, production and marketing of medicines, with a strong Pan-European footprint and global Rare Diseases business. HQ: Milan, Italy. (Acquisition announced 03/25/2026).
Target market: MiFID II / MiFIR PROFESSIONALS / ECPS-ONLY / NO PRIIPS KID – Manufacturer Target Market (MiFID II / 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 the UK.
Tax certification required to receive interest income free from Italian Substitute Tax (i.e. withholding), if the conditions for tax exemption are met.
Netroadshow GIC details direct link: https://www.netroadshow.com/events/login/1PeTHmohVkstjEZBkuXW0UgTufnCvQ4NlD99s