Commentary & Deal Flow

CEME SpA (CEMEIT) EUR360m sr sec FRN due 2031 (7y). NC1 (MWC B+50bp) (par). B2/B/B (stable/stable/stable). Via GS (B&D)/UniCredit jt phys books/Natixis jt glocos/BPER/DB/IMI jt books. No reg rights. List Lux. NY law. COC at 101. IPT: E+475-500bp (0% floor) at 98.50 OID. Roadshow (small group meetings) 09/17-18 (investor call 2:30pm UKT 09/16). Pricing 09/19 UK afternoon. UOP: to finance the consolidation of Fluid Control (U.S. entities Procon and Micropump) already acquired by CEME's parent company in 2023 and recapitalize the combined company, specifically: along with EUR43m cash on hand, to repay CEME's EUR235m existing term loans, repay Fluid Control's EUR69m existing term loans, and repay $85m equity bridge loan (shareholder loans) provided by CEME's parent to fund the acquisition of Procon and Micropump by Fluid Control in 2023. Equity sponsor: Investindustrial. Biz: manufacturer of solenoid pumps and valves serving the coffee and other end markets. HQ: Trivolzio (Pavia), Italy.

NetRoadshow: https://www.netroadshow.com/ev...;confId=71266