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Commentary & Deal Flow

NEW ISSUE: Cedacri E250m 5NC1 sr sec FRN IPT E+550bp at 92-93, on the road

HYC European Market: Deal Flow - General

Cedacri SpA (CEDCRI) EUR250m 144A/Reg S sr sec FRN due 05/15/28 (5y). NC1 (par). Expect B3/B/B- (stable/negative/stable). Via BNP (B&D) gloco/UniCredit jt books. No reg rights. List Dublin and Vienna. NY law.

IPT: 3mE+550bp at 92-93.

Investor call at 3pm UKT today. Roadshow today-Fri. UOP: fund tax step-up payment, fund a distribution, GCP. Equity sponsor: ION Investment Group. Biz: provider of core banking infrastructure, software and other IT products and services, predominantly to the Italian market. HQ: Collecchio, Italy.