Commentary & Deal Flow

Neopharmed Gentili SpA (NEGENT) EUR750m144A/Reg S fixed/floating sr sec notes 2-part. B3/B/B+ (stable/sable/stable). Via BNP (B&D)/GS jt physical books/IMI jt glocos/Banca Akros/CA/JPM/Natixis jt books. No reg rights. List Lux. NY law. Settles 04/08 (T+5).

- EUR400m (from expect EUR375m,  and EUR300m minimum) sr sec FRN due 04/08/30 (6y). NC1 (MWC B+50bp), then at 101, 100. Reg S ISIN: XS2797354391. IPT: E+450bp, 0%, 99.00-99.50. Px talk: E+425-450bp, 0%, 99.50. Final terms: EUR400m at E+425bp, 0% floor, at 99.50. Priced: 3mE+425bp, 0% floor, at 99.50.

- EUR350m (from expected EUR375m, and EUR300m minimum) sr sec fixed-rate notes due 04/08/30 (6y). NC2 (MWC B+50bp), then at 103.563, 101.781, 100. Equity claw: 2y 40% at 107.125. Special call: 10% per year the first 2 years at 103. Reg S ISIN: XS2797353401. IPT: low-mid 7s. Px talk: 7.00%-7.25%. Final terms: EUR350m 7.125% at par. Priced: 7.125% at 100. +489bp vs DBR 0.0% 02/15/30.

Did investor call at 11am UKT 03/25, Q&A sessions 03/25-27. Books closed at 12pm UKT today. Reconfirms were due 2:30pm UKT today. UOP: repay the existing EUR700m unitranche notes, and EUR24m for cash on the B/S. Equity sponsors: Ardian and NB Renaissance. Biz: a leading primary care pharmaceutical company in Italy that promotes a well-established and diversified portfolio of leading branded off-patent products. HQ: Milan, Italy.