Commentary & Deal Flow

FIS - Fabbrica Italiana Sintetici SpA (FISITA) EUR350m 144A/Reg S sustainability-linked sr sec notes due 2027 (5.5y). NC2 (50%,25%,par). B3/B/B+ (positive/stable/stable). Via BNP (B&D)/CS (RS coordinator) jt glocos and jt books (sustainability-linked bond structuring coordinators CS/BNP). No reg rights. List Lux. NY Law. SLB step-up premium: 20bp adjustment on the redemption price per KPI.

Px talk: 5.75% area.

Roadshow Mon-Thurs (investor call at 2pm UKT Mon). Books close at 2pm UKT today. Pricing today UK afternoon. UOP: refinance debt, fund a EUR40m distribution to its parent company Nine Trees Group (the holding company of the Ferrari family). Biz: a leading global CDMO developing and manufacturing a broad range of APIs for the pharmaceutical industry. HQ: Montecchio Maggiore, Vicenza, Italy.