Commentary & Deal Flow

Cedacri SpA (CEDCRI) EUR275m (up from EUR250m) 144A/Reg S sr sec FRN due 05/15/28 (5y). NC1 (MWC B+50bp) (par). Equity claw: 1y 40%. 90% clean-up call. B3/B/B (stable/negative/negative). Via BNP (B&D) gloco/UniCredit jt books. No reg rights. List Dublin and Vienna. NY law. Reg S ISIN: XS2622212707. IPT: 3mE+550bp (0% floor) at 92-93. EUR25m upsize to fund OID and GCP. Guidance: 3mE+550bp (0% floor) at 93.50 area (+/- 0.50 pt).

Priced: 3mE+550bp (0% floor) at 94.00.

Roadshow 05/10-25 (Investor call at 3pm UKT 05/10). Books closed at 2pm UKT today. UOP: fund a EUR50m tax step-up payment, fund a EUR150m shareholder distribution, and 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.