Commentary & Deal Flow

Guala Closures SpA (GCLIM) EUR150m 144A/Reg S add-on to its sr sec FRN due 06/29/29 (5y). NC4.5mo (10/13/24) (MWC B+50bp), then at 100. B2/B (stable/stable). Via DB (B&D) physical books/UniCredit/IMI/Santander jt glocos/BofA/GS/GS/UBS jt books. No reg rights. List Lux. NY law. Settles 06/20 (T+11 U.S.). Existing Reg S ISIN: XS2702257051. Fully 144A fungible (Reg S after 40 days) with the EUR350m issue priced 10/04/23. Floats/pays quarterly 3mE+400bp (0% floor). Price talk: 100.00-100.50.

Priced: 3mE+400bp add-on at 100.50.

Did investor calls yesterday (investor call at 12:30pm UKT yesterday). Books closed at 12pm UKT today. UOP: fund the acquisition of Astir Group for EUR110m in cash, repay EUR16 Astir Grop debt, EUR16m GCP. Equity sponsor: Investindustrial. Biz: maker of high-value added closures, mainly focused on the spirits and wine end-markets. HQ: Alessandria, Italy.