Commentary & Deal Flow

Shiba BidCo SpA (Arcaplanet) (ARCPLN) EUR550m 144A/Reg sr sec notes due 10/31/28 (7y). NC3 (MWC B+50bp), then at 102.25, 101.125, 100. Equity claw: 3 40% at 104.50. Special call: 10% pr year the first 3 years at 103.00. B2/B (stable/stable). Via DB (B&D) sole gloco/BofA/CA/IMI-Intesa Sanpaolo/Mizuho/Nomura/SocGen/UniCredit jt books. No reg rights. List Lux. NY Law. Settles 10/21 (T+10). Reg S ISIN: XS2397065504. Px talk: 4.50%-4.75%.

Priced: 4.50% at 100. +490bp vs DBR 0.0% 11/15/28.

Did investor call at 1pm UKT 10/04.Virtual Meetings 10/04-06. Books closed at 1pm UKT today. UOP: fund the acquisition of Arcaplanet by Cinven (including repaying Arcaplanet's existing debt) from Permira and Winch Capital. German industrial group Fressnapf will contribute its subsidiary Maxi Zoo Italy to Shiba Bidco in exchange for a 33% stake in the combined company. Biz: A leading omnichannel pet retailer and services specialist in Italy. HQ: Chiavari, Italy. (Acquisition announced 06/25/21).