Commentary & Deal Flow

Centurion Bidco SpA (Engineering Group) (CNTRNB) EUR385m Reg S sr sec notes due 05/15/28 (5y). NC2 (MWC B+50bp), then at 105.5625, 102.7813, 100. Equity claw: 2y 40% at 111.125. 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. Pays March 31 and Sept 20, starting 09/30/23. List Lux. NY law. Settle 05/17. Reg S ISIN: XS2620212386. Px talk: 11.25-11.50%. Final terms: 11.125% at par.

Priced: 11.125% at 100. +886.5bp vs OBL 2.20% 04/13/28.

Did investor call at noon UKT 05/04. Q&A sessions 05/04-08. Books closed at 3pm (originally 2pm) UKT today. 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).