Commentary & Deal Flow

Libra GroupCo SPA (Lutech) (LBRGRP) EUR275m 144A/Reg S sr sec notes due 2027 (6y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. Special call: 10% per year the first 3 years at 103. B2/B (stable/stable). Via BNP/DB jt glocos and jt physical books/IMI/NatWest/Nomura/Unicredit jt books. No reg rights. List Lux. NY law. Px talk: 5.25% area.

Final price talk: 5.125% area (+/-0.125%).

Did investor call at 10:45am UKT 05/10, small group meeting 05/10-12. Books close at 12pm UKT (originally closing at 11am UKT) today. Pricing today UK afternoon. UOP: to finance the acquisition of Lutech by Apax for EUR305m and refinance and cancel Lutech's existing EUR181m debt, and GCP. Biz: leading Italian provider or IT services and products. HQ: Cologno Monzese, Milan, Italy.