Commentary & Deal Flow

Amplifon SpA EUR300m (expected) Reg S bearer NGN sr unsec notes due 13-Feb-2027 (7y). NCL (MWC), 3mo-par call and clean up call (80%). NR/BB+ (--/stable). Via UniCredit gloco (B&D)/BNPP/HSBC/ING/Mediobanca joint books. Coupon pays annually (act/act). List lux. English law. IPT: m/s +180-190bp. Price guidance m/s+155bp area. Books approx EUR3.5bn (at guidance, pre-rec).

Final terms/Launch: EUR350m at m/s+140bp.

   Roadshow: Jan 30-Feb 04 (30 Jan Milan 1x1s + Group lunch, 31 Jan Germany 1x1s, 3 Feb London 1x1s + Group lunch, 4 Feb Amsterdam Group breakfast/Paris 1x1s + Group lunch). Pricing today. UOP: repay debt, GCP. Biz: hearing products and services. HQ: Milan, Italy.