Commentary & Deal Flow

Bach BidCo SpA (BIP) (BIPSPA) EUR275m 144A/Reg S sr secured floating rate notes due 2028 (7y). NC1. B2/B (stable/stable). Via BNP (B&D)/CACIB jt glocos & jt books, IMI/UCI jt books. CoC put at 101. List Luxembourg, New York law.

IPT: mid 4s.

Did global investor calls at 12:30 UKT Mon, 1-on-1s Mon-Weds. Pricing Thurs. UOP: along with cash on hand to repay the EUR275m bridge loan that was incurred, along with EUR40m of Holdco PIK notes, to fund the acquisition of BIP by CVC for EUR698m from APAX France. CVC contributed EUR368m in equity. Biz: Leading European consulting firms with expertise in management consulting, business integration and digital transformation to enterprise customers.