Commentary & Deal Flow

+++Corrects size in headline: EUR1.85bn (not EUR2.85bn)+++

Rossini Sarl (ROSINI) EUR1.85bn 144A/Reg S sr sec notes fixed/floater 2-part. Via DB (D&B) physical books/GS/JPM jt glocos/BNP/BPER/CA/CVC/Jefferies/KKR/MedioBanca/Natixis/ SocGen/UniCredit jt books. No reg rights. No reg rights. List Lux. NY law.

- EUR TBD fixed rate notes due Dec 2029 (5.5y). NC2 (50%,25%,par).

- EUR TBD FRN due Dec 2029 (5.5y). NC1 (par).

Roadshow small group meetings (virtual) 07/08-10 (investor call on 07/08 at 10am UKT). UOP: along with cash on hand and parent co shareholder PIK loans, to redeem its existing EUR650m 6.75% sr sec notes due 10/30/25 at 100 and EUR650m sr sec FRN due 10/30/25 at 100, and redeem the existing DP notes (EUR750m deferred and structurally subordinated long-term notes due 2025 issued by Rossini Investments, Rossini Sarl's direct parent company). Equity sponsor: CVC.Biz: Rossin Sarl directly owns 51.8% of Recordati SpA, a well-established international specialty pharmaceutical company dedicated to the development, manufacturing and marketing of pharmaceuticals for specialty and primary care as well as of orphan drugs for the treatment of rare and ultra-rare diseases. HQ: Luxembourg. https://www.netroadshow.com/ev...;confId=68228