Related Issuers
by Stephen Carter
Jan 25, 2023 9:34 AM ET
Italmatch Chemicals SpA (FIREBC) EUR700m 144A/Reg S sr sec notes two-part. B3/B/B (stable/--/stable). Via BNP/GS (B&D) jt physical books/Citi jt glocos/CA/UniCredit jt books. No reg rights. List Lux. NY law. Tranche sizes TBD.
EUR TBD (approx. EUR300m) fixed rate due 2028 (5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. IPT: 10.50% area yield.
EUR TBD (approx. EUR400m) FRN due 2028 (5y). NC1 (MWC B+50bp) (101,par). 0% floor. IPT: E+550bp (0% floor), 92.00-93.00 OID.
Roadshow 01/23-25 (investor call at 11:30am UKT 01/23 (Netroadshow: Fire23)). Pricing tomorrow. UOP: along with EUR100m capital contribution from Dussur Investment, to redeem its existing EUR550m FRN due 09/30/24 (callable at 100) (some holders of the existing notes may exchange directly into the new notes), repay EUR67m drawn on its revolver and EUR59m cash on the B/S. Equity sponsor: Bain. Biz: leading global specialty chemicals manufacturer. HQ: Genoa, Italy.