Commentary & Deal Flow

Bormioli Pharma SpA (BORMPH) EUR350m 144A/Reg S sr sec FRN due 2028 (5y). NC1 (MWC B+50bp), then at par. B3/B-/B (stable/stable/stable). Via BNP/GS (B&D) jt glocos and jt physical books/CA/IMI jt books. No reg rights. List Lux. NY law. Floats/pays quarterly vs 3mE (zero floor). IPT: E+525-550bp (zero floor) 95 OID.

PX TALK: 3mE+550bp (zero floor) 95.50 area (+/- 0.25 pts).

Roadshow 04/24-27 (investor call at 10:30am 04/24). Books close at 1pm UKT today. Pricing today UK afternoon. UOP: repay EUR18m drawn on its revolver, repay EUR26m bilateral facilities and EUR280m FRN due 11/15/24 (callable at 100). A portion of the notes may be placed directly in a private exchange offer with existing FRN noteholders. Equity sponsor: Triton Investment Management. Biz: manufactures plastic and glass packaging for the pharmaceutical industry. HQ: Parma, Italy.