by Stephen Carter
Mar 27, 2024 12:21 PM ET
Reno De Medici SpA (SAFFA) ERU600m (up from EUR590m) 144A/Reg S sustainability-linked sr sec FRN due 04/15/29 (5y). NC1 (03/31/25) (MWC B+50bp), then at par. Special call: 10% the first year at 103. B2/B/BB- (stable/stable/stable). Via Barc (B&D)/BNP jt physical books/IMI/UBS/UniCredit jt books, Apollo as co-manager. No reg rights. List Lux. NY law. Quarterly pay March 15, June 15, Sept 15, Dec 15, starting 06/15/24. Settles 04/08 (T+6). Reg S ISIN: XS2798174434. IPT: E+500bp, 98.00-98.50. Final terms: E+500bp, 98.00.
Priced: 3mE+500bp at 98.00.
Did investor call at 3pm UKT 03/21, 1x1s 03/22. Books closed at 12pm UKT 03/27. UOP: refinance its existing EUR445m sr FRN due 12/14/26 (callable at 100) and repay its $126m term loan A. Equity sponsor: Apollo. Biz: leading European producer and distributor of recycled paper board mainly for the packaging industry. HQ: Milan, Italy.
SPT: 1. Reduce the Group GHG Emissions intensity by 15% by 2025 with respect to 2020 baseline of 0.495 tCO2e/ton. 2. Increase the proportion of waste sent for recovery to 86.2% by 2025 compared to 2020 baseline of 72.8%. 3. Reduce wastewater discharges per ton by 16.6% of net saleable production by 2025 with respect to 2020 baseline of 11.06 m3/ton. Coupon step-up: +0.125% per SPT missed on 12/31/25.