Commentary & Deal Flow

Cedacri Mergeco SpA/Cedacri SpA (CEDCRI) EUR650m 144A/Reg S sr sec FRN due 2028 (7y). NC1 (MWC B+50bp), then par. Equity claw: 1y 40%. B3/B/B+ (positive/stable/stable). Via JPM gloco/UniCredit jt books. No reg rights. List Dublin. NY law. SMR at par if the acquisition is not completed by 11/30/21. IPT: E+475-500bp (0% floor) at 99.50. Px talk: E+475bp area (0% floor) at 99.50.

Final px talk: E+4625.5bp (0% floor) at 99.75-Par.

Did investor call at 1pm UKT 05/10. Virtual meetings 05/10-12. Books closed at 1pm UKT today. Reconfirms due by 2:15pm today. Pricing today UK afternoon. UOP: along with EUR86m cash on hand, to acquisition of Cedacri by ION Investment Group from Carlyle (enterprise value of EUR1.5bn, consisting of EUR1.180bn cash and EUR303m refinancing of existing debt). The sponsor will contribute EUR773m in equity. Biz: provider of core banking infrastructure, software and other IT products and services, predominantly to the Italian market. HQ: Collecchio, Italy. (Acquisition announced 03/05/21).