Commentary & Deal Flow

Respighi HoldCo SpA (Recordati SpA) (RECIM) EUR6.05bn equiv (US$/EUR) 144A/Reg S sr sec notes 5-part. B1/B+/BB- (stable/stable/stable). Via GS (B&D EUR FRN)/DB (B&D EUR fixed)/JPM (B&D US$) 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.

    - EUR2.45bn (up from EUR2.05bn) sr sec FRN due 2033 (7y). NC1 (MWC B+50bp) (par). Via GS left lead (B&D).  CoC at 101. Denoms: 100kx1k. IPT: E+400bp area (+/- 1/8) at par. Price talk: E+400bp area (+/- 1/8) at par. Launched: EUR2.45bn E+387.5bn at par.

 -EUR2bn total fixed rate 2-part. Via DB left lead (B&D). Consisting of:  

    - EUR1.25bn (from EUR500m minimum) sr sec notes due 2031 (5y). NC2 (MWC B+50bp) (50%, 25%, par). Equity claw: 2y 40%. IPO call for all or a portion of the notes at 102. Special call: 10% per year the 1st 2 years at 103. CoC at 101. Denoms: 100kx1k. IPT: High 6s. Price talk: 6.50% area. Launched: EUR1.25bn at 6.375%.

    - EUR750m (from EUR500m minimum) sr sec notes due 2033 (7y). NC3 (50%, 25%, par). Equity claw: 3y 40%. IPO call for all or a portion of the notes at 102. Special call: 10% per year the 1st 3 years at 103. CoC at 101. Denoms: 100kx1k. IPT: Low 7s. Price talk: 7.00% area. Launched: EUR750m at 6.875%.

-US$1.79bn (approx EUR1.6bn) (down from EUR2.0bn equivalent) total fixed rate 2-part. Via JPM left lead (B&D). Consisting of:

    - US$950m (approx EUR850m) (from EUR500m minimum equiv) sr sec notes due 2031 (5y). NC2 (MWC T+50bp) (50%, 25%, par). Equity claw: 2y 40%. IPO call for all or a portion of the notes at 102. Special call: 10% per year the 1st 2 years at 103. CoC at 101. Denoms: 200kx1k. IPT: High 7s. Price talk: 7.75% area. Launched: US$950m at 7.625%.

    - US$840m (approx EUR755m) (from EUR500m minimum equiv) sr sec notes due 2033 (7y). NC3 (MWC T+50bp) (50%, 25%, par). Equity claw: 3y 40%. IPO call for all or a portion of the notes at 102. Special call: 10% per year the 1st 3 years at 103. CoC at 101. Denoms: 200kx1k. IPT: Low 8s. Price talk: 8.00% area. Launched: US$840m at 7.875%.

Roadshow (1x1s) 10/26-29 (investor call at 2:30pm UKT/3:30pm CET/10:30am NYT10/26). Books close at 11am NYT / 3pm UKT 10/29. Reconfirms due by 12:30pm NYT / 4:30pm UKT. 10/29. Pricing 10/29. UOP: fund the acquisition of Recordati for EUR53.00 per share (EUR11bn 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 (EUR1.733bn net debt) and funding E200m opening cash on B/S. Equity sponsors: CVC (72%)/GBL (25%) +others (4%). Sponsor equity EUR7.23bn, including EUR1.53bn holdco PIK notes. 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