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+ (--/--/stable). Via GS (B&D) sole gloco and physical books, IMI as co-manager. No reg rights. List Lux. NY law.

IPT: 6.75%-7.00%.

Roadshow, including small group Zoom meetings Mon-Weds (investor call at 2:30pm UKT Mon). UOP: along with the release of its existing $13.1m debt service reserve account and EUR19.3m other secured accounts, to repay its EUR349m 4.875% sr sec notes due 12/31/22 (callable at 100), repay EUR50.2m revolver, EUR15.8m to fund the new debt service reserve account, EUR19.3m to fund the other new 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.