Commentary & Deal Flow

Inter Media and Communication SpA (Inter Milan) (INTERM) EUR415m 144A/Reg S sr sec notes due 02/09/27 (5y). NC2 (02/09/24) (MWC B+50bp), then at 103.375, 101.6875, 100. Equity claw: 2y 40% at 106.75. Amortization starts 06/30/24. Expect NR/pending/B+ (--/--/stable). Via GS (B&D) sole gloco and physical books, IMI as co-manager. No reg rights. List Lux. NY law. Interest pays June 30 and Dec 30, commencing 06/30/22. Settles 02/09 (T+9). Reg S ISIN: XS2439248472. IPT: 6.75%-7.00%. Px talk: 6.75%-7.00%. The coupon steps up 25bp if the initial S&P rating issued on or prior to the Issue Date is lower than a B rating (B- or below), irrespective of outlook, or S&P does not issue a rating on the notes by the issue date.

Priced: 6.75% at 100, 6.754% YTM. +710bp vs DBR 0.35% 02/5/27.

Roadshow, including small group Zoom meetings Mon-Weds (investor call at 2:30pm UKT Mon). Books closed at 1pm UKT today. UOP: along with the release of its existing $13.1m debt service reserve account and EUR21.3m other secured accounts, to repay its EUR349m 4.875% sr sec notes due 12/31/22 (callable at 100), repay EUR50.2m revolver, EUR17.6m to fund the new debt service reserve account, EUR21.3m 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.