Commentary & Deal Flow

Piaggio & C SpA (PIAGIM) EUR250m 144A/Reg S sr notes due 2030 (7y). NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. Ba3/BB- (stable/positive). Via BNP (B&D)/BofA/IMI jt glocos and physical books/Akros/HSBC/ING/UniCredit jt books. No reg rights. List Lux. NY law. IPT: high 6s.

Px talk: 6.50% area (+/- 0.125%).

Roadshow Mon-Weds (investor call at 12:30pm UKT Mon) (BNP roadshow coordinator). The roadshow finished this morning in Europe. Books close at 4:15pm UKT today. Pricing today UK afternoon. UOP: refinance its EUR250m 3.635% sr notes due 04/30/25 (callable at 100). Controlling shareholder: IMMSI SpA (the Colaninno family). Biz: Europe's largest manufacturer of 2-wheeled motor vehicles (Vespa, Piaggio, Moto Guzzi and Aprilia) and a manufacturer of light commercial vehicles. HQ: Pontedera, Italy.