Commentary & Deal Flow

Sammontana Italia SpA (SAMMNT) EUR800m 144A/Reg S sr sec FRN due 10/15/31 (7y). NC1 (MWC B+50bp), then at 100. B2/B/BB- (stable/stable/stable). Via BNP (B&D)/IMI/UniCredit jt glocos/DB/GS/Akros/Barc/BPER/Natixis/Rabo jt books. No reg rights. List Lux. NY law. CoC at 101. Quarterly pay starts 01/15/25. Settles 10/11 (T+7). Regs ISIN: XS2902582357. Price talk: E+400-425bp at 99.50. Revised price talk: E+375-400bp at 99.50.

  Priced: 3mE+375bp (0% floor) at 99.50.

Roadshow 09/30-10/02 (small group meetings) (investor call at 10am UKT 09/30). Books closed at 3:15pm UKT 10/02 (from 2pm UKT 10/02). UOP: repay the EUR800m bridge loan incurred to fund the acquisition of FdA Group (Forno D'Ascolo) from Piave Investment Group for EUR718m that closed 07/30/4 (at the same time Investindustrial also purchased a 42% stake in Sammontana for EUR425m). Equity sponsor: Investindustrial (42%), and the Bagnoli family (58%). Biz: leading Italian producer of frozen pastry and Gelato. HQ: Empoli, Italy.