Commentary & Deal Flow

Kepler SpA (Biofarma Group) (BIOFSP) EUR345m 144A/Reg S sr sec FRN due 2029 (7y). NC1 (MWC B+50bp) (101, par). B3/B-/B+ (stable/stable/stable). Via BNP (B&D)/MedioBanca/Nomura jt glocos/IMI jt books. No reg rights. List Lux. NY law. Settles T+5. Reg S ISIN: XS2476959239.

Px talk: E+575bp (0% floor), 96.00-97.00 OID (WPIR).

Did investor call at 11:30am UKT Tues, Q&A sessions Tues-Thurs. Books close at 3:30pm UKT today. Pricing today UK afternoon. UOP: repay EUR345m 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. Ardian provided EUR878m of shareholder funding (EUR734.2m equity, EUR37.5m vendor loan and EUR106m PIK facility. 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).