Commentary & Deal Flow

Fiber Bidco SpA (Fedrigoni) (FEDRIG) EUR665m 144A/Reg S sr sec FRN due 2030 (6y). NC1 (101, par). (Expect B2/B)/BB- (--/--/stable). Via GS (physical books)/Nomura/UniCredit jt glocos/BNP/BPER/IMI/Mizuho/BMPS/MS/Santander jt books. No reg rights. List Lux. NY law. 0% floor. Roadshow begins today (investor call at 11am UKT today). Pricing Friday. UOP: along with EUR81m of a recent EUR272m sale leaseback transaction and EUR4m cash on hand, to redeem its existing EUR735m sr sec FRN due 10/25/27 (callable at 101). Equity sponsors: Bain (46.3%) and BC Partners (46.3%). Biz: supplier of premium sustainable customized packaging. HQ: Verona, Italy.