Commentary & Deal Flow

Inter Media and Communication SpA (Inter Milan) (INTERM) EUR415m 144A/Reg S sr sec notes due 2027 (5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Mortgage style amortization over 25-year period starting in year 3. Expect NR/TBD/B+. Via GS (B&D) sole gloco and physical books, IMI as co-manager. No reg rights. List Lux. NY law. Roadshow, including small group Zoom meetings Mon-Weds (investor call at 2:30pm UKT today). UOP: refinance the existing capital structure at Mediaco/Teamco, fund the debt service reserve account, fund the other secured accounts. Equity sponsors: Suning Group (68.55%) LionRock Capital (31.05%). Biz: sole manager and operator of the media, broadcast and sponsorship business of F.C. Internazionale Milano SpA football club. HQ: Milan, Italy.