Commentary & Deal Flow

Nexi SpA EUR2.1bn Reg S only sr notes 2-part. Ba3/BB-/BB- (positive/CreditWatch positive/Ratings Watch positive). Via BofA+. List Lux. NY law.

- EUR1.05bn due 2026 (5y). NCL. Via BofA (B&D/IMI/CS/GS jt glocos and physical books/Banca Akros/Barc/Citi/DB jt passive books. IPT: mid-to-high 1%. Px talk: 1.75% area. Final terms: EUR1.050bn at 1.625% coupon/yield.

- EUR1.05bn due 2029 (8y). NCL. Via BofA (B&D)/HSBC/JPM/UniCredit jt glocos and physical books/BNP/Mediobanca/MS jt passive books. IPT: low 2%. Px talk: 2.25% area. Final terms: EUR1.050bn at 2.125% coupon/yield.

Did investor call at 11am 04/12. Books closed at 12:30pm UKT today (originally closing at 12pm UKT today). Pricing today UK afternoon. UOP: along with the existing EUR1bn sr cvt notes issued in February, to refinance EUR991m SIA debt and EUR2.044bn Nets debt in context of the merger. Biz: a leading PayTech company in Italy listed on the Milan Stock Exchange and primarily focused on providing Merchant Services & Solutions, Cards & Digital Payments and Digital Banking Solutions. Through its strategic combination with Nets and SIA, Nexi is looking to create the new European Paytech leader. HQ: Milan, Italy.