Commentary & Deal Flow

Bach BidCo SpA (BIPSPA) EUR275m 144A/Reg S sr secured floating rate notes due 2028 (7y). NC1. Expected ratings B2/B. Via BNP (B&D)/CACIB jt glocos & jt books, IMI/UCI jt books. CoC put at 101. List Luxembourg, New York law. Global investor calls today (10/4) at 12:30 UKT/13:30 CET, 1-on-1s today through Wednesday (10/4-6). Expected to price mid-late week. UOP: Together with cash on the issuer’s balance sheet to: (i) repay and cancel the bridge facility backing the acquisition by CVC (ii) pay fees and expenses in connection with refinancing. Biz: Leading European consulting firms with expertise in management consulting, business integration and digital transformation to enterprise customers.