Commentary & Deal Flow

Paganini BidCo Spa (Multiversity) (MLTIVR) EUR765m 144A/Reg S sr sec FRN due 2028 (7y). NC1, then par. (Expect B2)/B (stable/positive). Via BofA (B&D)/DB/UniCredit jt glocos/BNP/CA/IMI jt books. No reg rights. List Lux. NY law. 0% floor. Investor call at 10am UKT today. Small group meetings today-tomorrow. UOP: along with a EUR22m bridge to cash loan (EUR100m revolver), to fund the acquisition of the remaining 50% of Multiversity by CVC from the founder Danilo Iervolino for EUR800m. The notes issuer Paganini will be later reverse merged into Multiversity srl. The EUR22m bridge facility will be reimbursed once the reverse merger is completed using EUR229m cash at Multiversity's intermediat holding cos Wversity and MultiSpa. CVC will contribute EUR42m in equity. Biz: the leading Italian e-learning company. HQ: Rome, Italy.