Commentary & Deal Flow

I.M.A. Industria Macchine Automatiche SpA (IMAIM) EUR300m (up from EUR200m minimum) 144A/Reg S add-on to its sr sec FRN due 04/15/29 (5y). NC1 (MWC B+50bp), then at 100. 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.

Px talk: 100.25-100.375.

Books close at 12pm UKT today. Pricing today UK afternoon. (A netroadshow is available). UOP: redeem EUR300m (up from EUR200m) of its EUR450m E+400bp sr sec FRN due 01/15/28 (callable at 100). 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.