Commentary & Deal Flow

Fedrigoni (FEDRIG) EUR730m 144A/Reg S 2-part. (Existing B2/B/B+ corporate ratings). Via GS (B&D) sole physical books/MS/Nomura/UniCredit jt glocos/BNP/BPER/IMI/Mizuho/MPS/Santander jt books. No reg rights. List Lux. NY law

    - Fiber Bidco SpA EUR430m sr sec notes due 2031 (7y). NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. Special call: 10% per year the first 3 years at 103.

    - Fiber Midco SpA EUR300m sr holdco pay-if-you-can toggle notes due 2029 (5y). NC1 (MWC B+50bp) (102 plus 2% of annual coupon, par). Equity claw: 1y 40%. 

 Roadshow today-tomorrow (investor call at 11:30am UKT today). UOP: along with EUR49m cash on hand, to redeem its EUR365m fixed rate notes, EUR344m to redeeem the vendor notes, EUR9m to repay in full and cancel the minority vendor loan, make a potential EUR15m partial repayment of the SACE facility.  Equity sponsors: Bain (46.3%) and BC Partners (46.3%). Biz: supplier of premium sustainable customized packaging. HQ: Verona, Italy.