Commentary & Deal Flow

Sisal Pay SpA EUR530m 144A/Reg S sr sec FRN due Dec 17, 2026 (7y). NC1, then 101, 100. B2/BB- (positive/stable). Via UBS (B&D)/Banca IMI joint glocos/BNP/DB/HSBC/Nomura joint books. No reg rights. 100x1. NY law. Settle Dec 17 (T+7). Reg S ISIN: XS209261324. IPT E+425-450bp, 0% floor, par. Price talk E+400bp area, 0% floor, par.

Priced: 3mE+387.5bp, 0% floor, at 100.

Roadshow Dec 02-05. Books closed at 10am UKT today. UOP: along with equity and shareholder loans, to fund the Gallo investments (the combination of Sisal Group's payments biz and Banca 5 SpA's payments biz. The joint venture Sisal Pay will be 70% owned by Sisal Group (CVC equity sponsor) and 30% owned by Banca 5 (owned by INTESA Sanpaolo). Biz: proximity payments products and services. HQ: Milan, Italy.