Commentary & Deal Flow

I.M.A. Industria Macchine Automatiche Spa EUR450m 144A/Reg S sr sec FRN due 2029 (5y). NC1, then at par. Existing B2/B. Via JPM (B&D)/BofA jt physical books/BNPP/CA/Mediobanca/MS/UniCredit jt books. No reg rights. List Lux.

IPT: 3mE+400-425bp (99.50 OID).

Roadshow starts today (investor call at 10:30am UKT today). UOP: repay existing shareholder loans and pay a dividend, repay Sofima SpA PIK facility, finance/refinance certain M&A activity in 2024. Equity sponsor: BDT & MSD Partners (the Vacchi family is the majority and controlling shareholder). Biz: design and assembly of automated machines for the processing and packaging of pharmaceuticals, and consumer products in the food and beverage and personal care sectors. HQ: Bologna, Italy.