Commentary & Deal Flow

TeamSystem SpA (TITANL) EUR700m 144A/Reg S sr sec FRN due 2031 (7y). NC1 (MWC B+50bp (par). B2/B-/B+ (stable/positive/stable). Via BoA/GS (B&D) jt physical books/ BNP/JPM/MS jt glocos/Barc/DB/IMI/Nomura/UBS/UniCredit jt books. No reg rights. List Lux. NY law. 0% floor.

IPT: 3mE+375-400bp at par.

Roadshow 07/15-17 (investor call at 11:30am UKT 07/15). Pricing 07/17. UOP: refinance existing EUR395m sr sec debt, includes the existing 2022 private notes (EUR185m sr sec FRN due 2028, callable at 100), 2023 private notes (EUR195m sr sec FRN due 2030, callable at 101), and EUR15m drawn on its revolver), EUR143m M&A funding, EUR70m payment of contingent and deferred consideration related to M&A, $67m GCP. Equity sponsors: Hellman & Friedman and HgCaptial. Biz: a leading provider of business software solutions to businesses and accountats in Italy, Spain, and Turkey. HQ: Pesaro, Italy. Call registration link: https://www.netroadshow.com/ev...;confId=68669.