Commentary & Deal Flow

In a press release yesterday Engineering Ingegneria Informatica SpA (formerly Centurion Bidco SpA) (ENGIM) announced the pricing of a private placement of EUR100m add on to its 11.125% Reg S sr sec notes due 05/15/28 (4y). NC1 (05/15/25) (MWC B+50bp), then at 105.5625, 102.7813, 100. Equity claw: 1y 40% at 111.125. Existing B3/B-/B. Via BNP sole placement agent. List Lux. NY law. Settle 05/16. Existing Reg S ISIN: XS2620212386. The new deal will be fungible with the existing EUR385m issue priced 05/09/23.

Priced: 11.125% add-on at 101.00 (approx 11.015% YTW).

UOP: pay down revolver. Equity sponsor: Bain and Neuberger Bermant. Biz: Centurion's operating sub, Engineering Ingegneria Informatica, is a leading specialist provider of IT services, software development and digital platforms. HQ: Rome, Italy.