Commentary & Deal Flow

Rimini BidCo SpA (Reno de Medici SpA) (SAFFA) EUR445m 144A/Reg S sr sec sustainability-linked FRN due 12/14/26 (5y). NC1 (MWC B+50bp), then at 101, 100. B2/B/BB- (stable/stable/stable). Via Barc (B&D)/BNP jt glocos/CS/IMI/UniCredit jt books. No reg rights. List Lux. NY law. Quarterly pay starts 03/15/22. Settles 12/14 (T+10). Reg S ISIN: XS2417486771. IPT: E+500-525bp (0% floor) at 99.50 OID. Px talk: E+525bp (0% floor) at 98.50 OID.

Priced: 3moE+525bp (0% floor) at 98.50 OID.

Did investor call at 3pm UKT 11/23 (1x1s 11/23-25). Books closed at 1:30pm UKT today. (Originally pricing late 11/22 week). 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).