Commentary & Deal Flow

+++Corrects typo on deal size: EUR445m (not EUR4450m)+++

Rimini BidCo SpA (Reno de Medici SpA) EUR445m 144A/Reg S sr sec sustainability-linked FRN due 2026 (5y). NC1 (101,par). (Expect B2)/B/BB- (stable/stable/stable). Via Barc (B&D)/BNP jt glocos/CS/IMI/UniCredit jt books. List Lux. NY law.

IPT: E+500-525bp (0% floor) at 99.50 OID.

Investor call at 3pm UKT today (1x1s today-Thurs). UOP: repay Reno de Medici's existing debt, and repay the BidCo loan incurred to fund the acquisition of Cascades Inc 57.6% and Caisse de Depot et Placement du Quebec 9.5% equity stakes in Reno de Medici by Apollo for EUR1.45 per share or a total cash consideration of EUR315.3m that was completed 10/26/21. Biz: a leading European producer and distributor of recycled paper board mainly for the packaging industry. HQ: Milan, Italy. (Acquisition announced 07/05/2021).