Commentary & Deal Flow

Follow-up - priced Friday: Verde Bidco SpA (Itelyum Group) (ITLYUM) EUR30m 144A/Reg S add-on to its 4.625% sustainability-linked sr sec notes due 10/01/26 (5y). NC2 (10/01/23) (MWC B+50bp), then at 102.313, 101.156, 100. Equity claw: 2y 40% at 104.625. Special call: 10% per year the first 2 years at at 103. B2/B (stable/stable). Via CS (B&D)/BofA jt  physical books. No reg rights. List Lux. NY law. Trade date 10/29. Settles 11/15. Reg S ISIN: XS2389112736. Fungible with the EUR450m issue priced 09/15/21. 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.

Priced: 4.625% at 100.25, 4.566% YTM. +498bp vs DBR 0% 08/15/26.

UOP: GCP. 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).