Commentary & Deal Flow

Kepler SpA (Biofarma Group) (BIOFSP) EUR345m 144A/Reg S sr sec FRN due 05/15/29 (7y). NC1 (MWC B+50bp), then 101, 100. B3/B-/B+ (stable/stable/stable). Via BNP (B&D)/MedioBanca/Nomura jt glocos/IMI jt books. No reg rights. List Lux. NY law. Qrtly pay starts 09/15/22. Settles 05/20 (T+10) w/AI from the issue date). Reg S ISIN: XS2476959239. Px talk: E+575bp (0% floor), 96.00-97.00 OID (WPIR).

Priced: E+575bp (0% floor) at 96.00 OID.

Did investor call at 11:30am UKT Tues, Q&A sessions Tues-Thurs. Books closed at 3:30pm UKT today. UOP: along with EUR16m cash on hand, to repay EUR347.3m 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).