Commentary & Deal Flow

Kepler SpA (Biofarma Group) (BIOFSP) EUR345m 144A/Reg S sr sec FRN due 2029 (7y). NC1 (101, par). Expect B3/B-/B+. Via BNP (B&D)/MedioBanca/Nomura jt glocos/IMI jt books. No reg rights. List Lux. NY law. Settles T+5. Investor call at 11:30am UKT today, Q&A sessions today-Thurs. UOP: repay bridge loan used to fund the acquisition of Biofarma by Ardian from White Bridge Investments for around EUR1.1bn. The Scarpa family retained its 30% equity investment. Biz: leading nutraceutical CDMO (develops, manufactures and packages supplements, medical devises, probiotic-based drugs and cosmetics, exclusivley for third parties). HQ: Mereto di Tomba, Italy. (Acquisition announced 01/17/22 and closed on 03/22/22).