Commentary & Deal Flow

Centurion Bidco SpA (Engineering Group) (CNTRNB) EUR385m Reg S sr sec notes due 2028 (5y). NC2 (50%, 25%, par). B2/B-/BB- (negative/stable/negative). Via BNP (B&D)/CS joint physical books/IMI jt glocos and jt books/Banca Akros/CS/Nomura/Unicredit jt passive books. No reg rights. List Lux. NY law.

Px talk: 11.25-11.50%.

Did investor call at noon UKT 05/04. Q&A sessions 05/04-08. Books close at 2pm UKT today. Pricing today UK afternoon. UOP: along with cash on hand, to repay the EUR385m bridge loan used to finance the acquisition of Be Shaping The Future SpA. Equity sponsor: Bain and Neuberger Bermant. Biz: Centurion's operating sub, Engineering Ingegneria Informatica, is a leading specialist provider of IT services, software development and digital platforms. HQ: Rome, Italy. (Acquisition announced 06/20/22. The acquisition of a 51.27% stake closed 09/26/22. The remaining equity was then acquired via a mandatory tender offer).