Commentary & Deal Flow

LimaCorporate SpA (LIMACO) EUR295m 144A/Reg S sr sec FRN due 2028 (5y). NC1 (MWC T+50bp) (101,par). Equity claw: 1y 40%. Expect B3/B- Stable/stable). Via CS/GS (B&D) jt glocos/IMI/Mizuho/UniCredit jt books. No reg rights. List Lux. NY law. Small group meetings starting today (Investor call at 2:30pm UKT today). UOP: along with EUR7m cash on hand and EUR48.1m equity contribution, to repay and cancel existing EUR4m revolver, redeem its EUR275 sr sec notes due 08/15/23 (callable at 100). Biz: manufacturer and provider of orthopedic implants and enabling technologies for extremities, knee and hip joint replacements. HQ: Udine, Italy.