Related Issuers
by Stephen Carter
Sep 18, 2024 7:19 AM ET
Bubbles Bidco SpA (Acqua & Sapone - Cesar SpA) (BUBBID) EUR850m 144A/Reg S sr sec notes two-part. 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.
- EUR350m minimum fixed-rate sr sec 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. IPT: 6.75%-7.00% (at par). Price talk: 6.50%-6.75% at par.
- EUR400m minimum sr sec FRN due 2031 (7y). NC1 (MWC B+50bp) (101,par). CoC at 101. IPT: E+450bp at 99.00-99.50. Price talk: E+425-450bp at 99.50.
Roadshow 09/16-17 (investor call 11am UKT 09/16). Books close at 2:30pm UKT 09/18. Pricing 09/18 UK afternoon. 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 contributed 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