Commentary & Deal Flow

Guala Closures SpA (GCLIM) EUR500m (up from EUR475m) 144A/Reg S sr sec note due 06/15/28 (7y). NC3 (MWC B+50bp), then at 101.625, 100.8125, 100. Equity claw: 3y 40% at 103.25. Special call: 10% per year the first 3 years at 103. B1/B+ (negative/stable). Via DB (B&D, sole physical books)/CS/GS/UniCredit jt glocos/BofA jt books. No reg rights. List Lux. NY law. Settles 07/07 (T+10 UK, T+9 US). Reg S ISIN: XS2357812556. Px talk: 3.25%-3.50%.

Priced: 3.25% at 100. +368bp vs DBR 0.25% 08/15/28.

Did investor call at 10am UKT Mon, virtual roadshow Mon-Weds. Books closed at 2:15pm UKT today. UOP: along with EUR18m cash on hand to redeem its EUR455m sr sec 1st lien FRN due 04/15/24 (callable at 100), and pay down EUR17m drawn on its revolver (EUR25m upsize for cash on the B/S). Equity sponsor: Investindustrial. Biz: World's leading producer of high value-added closures for the spirits and wine industry. HQ: Alessandria, Italy.