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by Stephen Carter
Apr 11, 2024 11:05 AM ET
I.M.A. Industria Macchine Automatiche SpA (IMAIM) EUR450m 144A/Reg S sr sec FRN due 04/15/29 (5y). NC1 (MWC B+50bp), then at 100. B2/B (positive/stable). Via JPM (B&D)/BofA jt physical books/BNPP/CA/Mediobanca/MS/UniCredit jt books. No reg rights. List Lux. NY law. Settles 04/18. Reg S ISIN: XS2805530693. IPT: 3mE+400-425bp, 0% floor, (99.50 OID). Px talk: E+375-400bp, 0% floor, at par.
Priced: 3mE+375bp, 0% floor, at 100.
Roadshow started 04/08 (investor call at 10:30am UKT 04/08). Books closed at 11am UKT today. UOP: EUR408m to repay existing shareholder loans (EUR231m) and pay a dividend (EUR177m) to its direct sole shareholder SOFIMA PIK SpA, which will repay Sofima SpA approx. EUR385m holdco PIK facility, and EUR37m to finance/refinance certain M&A activity in 2024. Equity sponsor: BDT & MSD Partners (49%)(the Vacchi family is the majority and controlling shareholder (51%). 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.