Commentary & Deal Flow

Fedrigoni (FEDRIG) EUR730m 144A/Reg S 2-part. 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. B2/B/BB- (negative/negative/stable). IPT: 6.50% area. Px talk: 6.25% area.

- 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%. NR/CCC+/NR (negative/negative/stable). IPT: 11.00%-11.25% (PIK yield). Px talk: 10.75%-11.00% (PIK yield).

Roadshow 05/07-08 (investor call at 11:30am UKT 05/07). Books close at 2pm UKT today. Pricing today UK afternoon. UOP: along with EUR49m cash on hand, to redeem its EUR365m 11% sr sec fixed rate notes due 10/25/27 (MWC), EUR344m to redeem the PIK vendor notes due 2027, EUR9m to repay in full and cancel the minority vendor loan, make a potential EUR15m partial repayment of the government backed SACE facility. Equity sponsors: Bain (46.3%) and BC Partners (46.3%). Biz: supplier of premium sustainable customized packaging. HQ: Verona, Italy.