Commentary & Deal Flow

+++Corrects maturity: 07/15/31 (7y) - not a 5y+++

Duomo BidCo SpA (Kiko Milano) (DUOMBI) EUR500m 144A/Reg S sr sec FRN due 07/15/31 (7y). NC1 (MWC B+50bp), then at 100. B2/B+ (stable/stable). Via Barc (B&D)/DB jt glocos and physical books/UniCredit/IMI jt books. No reg rights. List Lux. NY law. SMR at 100 if the acquisition has not been completed by 03/15/25. CoC at 101. Settles 07/17 (T+10). Reg S ISIN: XS2856819102. IPT: 3mE+mid 400bps (0% floor) at par. Price talk: 3mE+425bp area (+/- 12.50bp) at par.

Priced: 3mE+412.5bp at 100.

Did investor call at 11am UKT 07/01. Books closed at 2pm 07/03. (Originally pricing late 07/01 week). UOP: fund the acquisition of a majority stake (70%) in Kiko Milano by L Catterton for EUR1.160bn from the founding Percassi family, who will retain a significant minority interest (30%), repay EUR115m existing debt, EUR70m cash on the B/S, and EUR43m payment under the existing management incentive plan. L Catterton will contribute EUR925m in equity, Biz: leading Italian beauty brand offering a diverse portfolio of prestige quality, accessible make-up and skincare products. HQ: Bergamo, Italy. (Acquisition announced 04/26/2024). Netroadshow: https://www.netroadshow.com/ev...;confId=67355