Commentary & Deal Flow

I.M.A. Industria Macchine Automatiche SpA (IMAIM) EUR200m minimum 144A/Reg S add-on to its sr sec FRN due 04/15/29 (5y). NC1 (MWC B+50bp), then at 100. Existing B2/B (positive/stable). Via BofA (B&D)/JPM jt physical books. No reg rights. List Lux. NY law. Original Reg S ISIN: XS2805530693. Immediately 144A fungible with the EUR450m issue priced 04/11. Coupon 3mE+375bp.

IPT: 100.25 area.

Books close at 12pm UKT tomorrow (a netroadshow is available). UOP: refinance existing sr sec FRNs due 2028. 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.