Commentary & Deal Flow

+++Corrects fixed tranche size in the story to EUR500m (not EUR600m)+++

Pachelbel Bidco SpA/Multiversity SpA (post merger) (MLTIVR) EUR1.1bn 144A/Reg S sr sec fixed/floater notes 2-part. B2/B (negative/stable). Via MS (B&D)/GS jt glocos and physical books/BofA/DB/CVC/UniCredit/BNP/CA jt books. No reg rights. List Lux. NY law.

- EUR500m (down from EUR550m) sr sec fixed rate notes due 2031 (7y). NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. Special call: 10% per year the 1st 3 years at 103. IPT: 7.25%-7.50%. Px talk: 7.25% area (+/- 12.5bp) (no revision). Final terms: EUR500m at 7.125%.

- EUR600m (up from EUR550m) sr sec FRN due 2031 (7y). NC1 (MWC B+50bp) (par). IPT: E+450-475bp at par. Px talk: E+450bp area (+/- 12.5bp) at par. Revised px talk: E+437.5bp area (+/- 12.5bp) at par. Final terms: EUR600m E+425bp at par.

Roadshow small group meetings 04/29-05/01 (investor call at 10am UKT 04/29). Books close at 2:30pm (from 1pm and 12pm) UKT today. Pricing today UK afternoon. UOP: finance the transfer of Multiversity from one CVC fund to another CVC fund (EUR3.970bn enterprise value), and EUR25m cash on the B/S. The existing EUR765m sr sec FRN will remain outstanding. Equity sponsor CVC and other LPs will contribute EUR2.2bn in equity. Biz: the leading university in the Italian online higher education market. HQ: Rome, Italy. (Fund transfer announced 04/16/2024)