Commentary & Deal Flow

Guala Closures SpA (GCLIM) EUR475m 144A/Reg S sr sec note due 2028 (7y). NC3. Equity claw: 3y 40%. Special call: 10% per year the first 3 years at 103. Ratings TBA. Via DB (B&D, sole physical books)/CS/GS/UniCredit jt glocos/BofA jt books. No reg rights. List Lux. NY law. Investor call at 10am UKT today, Virtual roadshow today-Weds. Pricing Weds. UOP: along with cash on hand to redeem its EUR455m sr sec 1st lien FRN due 04/15/24 (callable at 100), and pay down revolver. Biz: World's leading producer of high value-added closures for the spirits and wine industry. HQ: Alessandria, Italy.