by Stephen Carter
Sep 15, 2021 6:22 AM ET
Verde Bidco SpA (Itelyum Group) (ITLYUM) EUR450m 144A/Reg S sustainability-linked sr sec notes due 2026 (5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at at 103. B2/B (stable/stable). Via BofA (B&D)/CS/ jt glocos/IMI/UniCredit jt books. No reg rights. List Lux. NY law. SLB step-up: 30bp step-up each for two SPTs if not met by 2025. SPT1: gross CO2e avoided emissions to increase by 25% by 2025 vs 2020, SPT2: quality of waste managed and sent to circular treatment to increase by 25% by 2025 vs 2020. Intermediate soft targets to step up call premium if notes called before target date. Price talk: 5.00%-5.25%.
Revised px talk: 4.75% area (+/- 12.5bp).
Roadshow Mon-Weds (investor call at 11am UKT Mon). Books close at 12pm UKT today. Pricing today UK afternoon. UOP: along with EUR28m cash on hand, to fund the acquisition of Itelyum by Stirling Square Capital Partners Fourth Fund and Deutsche Beteiligungs from Stirling Square Capital Partners Third Fund for EUR582m equity value or a total value of EUR760m, including repaying the existing EUR178m term loan. The purchasers will contribute EUR313m in equity. Biz: waste management with a distinctive focus on recycling and regeneration activities of industrial hazardous waste. HQ: Pieve Fissiraga (Lodi), Italy. (Acquisition announced 08/13/2021).