Related Issuers
by Stephen Carter
Sep 16, 2024 6:25 AM ET
Bubbles Bidco SpA (Acqua & Sapone - Cesar SpA) (BUBBID) EUR850m 144A/Reg S sr sec notes two-part. (Expect B2)/B (stable/stable). Via Barc (B&D)/DB jt physical books/UniCredit jt glocos/IMI/Natixis jt books. No reg rights. NY law. List Lux. SMR at 100 if the acquisition is not completed by 01/06/25.
- EUR TBD fixed-rate 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. CoC at 101.
- EUR TBD FRN due 2031 (7y). NC1 (MWC B+50bp) (101,par). CoC at 101.
Roadshow 09/16-17 (investor call 11am UKT 09/16). UOP: fund the majority (60%) acquisition of Acqua & Sapone by TDR Capital from H.I.G. Capital and the Barbarossa family (each will retain 20% minority stakes), and repay EUR431m Acqua & Sapone net debt. Approximately EUR1.7bn enterprise value (EUR975m equity value, EUR590m by TDR). Biz: Leading Italian Non-Food Value ("NFV") retailer specialized in Home and Personal Care categories with a network of 727 stores in Italy. HQ: Milan, Italy. (Acquistion announced 05/06/2024).
NetRoadshow/GIC registration: https://www.netroadshow.com/ev...;confId=71100