Commentary & Deal Flow

Guala Closures SpA (GCLIM) EUR350m 144A/Reg S sr sec FRN due 06/29/29 (5.75y). NC1 (10/13/24) (MWC B+50bp), then at 100. B1/B+ (negative/stable). Via DB (B&D)/UniCredit jt glocos and physical books/BofA/GS jt books. No reg rights. List Lux. NY law. Floats/pays quarterly starting 12/15/23. Settles 10/13 (T+7 UK / T+6 US). Reg S ISIN: XS2702257051. Px talk: 3mE+400-425bp (0% floor) at 99.00.

Priced: 3mE+400bp (0% floor) at 99.00.

Roadshow began Mon (investor call at 11am UKT Mon). Books closed at 10am UKT today. UOP: fund a EUR250m distribution to shareholders, fund the EUR15m acquisition of Fengyi, and EUR70m for GCP, including potential further bolt-on acquisitions. Also increasing its revolver to EUR150m from EUR96m. Equity sponsor: Investindustrial. Biz: maker of high-value added closures, mainly focused on the spirits and wine end-markets. HQ: Alessandria, Italy.