Commentary & Deal Flow

Castello (BC) Bidco SpA (Somacis - SO.MA.CI.S SpA) (SOMACI) EUR550m 144A/Reg S sr sec FRN due 11/14/31 (7y). NC1 (11/14/25) (MWC B+50bp), then at 100. 90% clean-up call. B2/B (stable/stable). Via BofA/MS (B&D) jt glocos and jt physical books/CA/Nomura/UBS jt books. No reg rights. List Lux. NY law. CoC at 101. SMR (EUR350m for Somacis and EUR200m for AT&S) at 100 if the acquisitions have not closed by 12/31/25. Settlse 11/14 (T+10). Reg S ISIN: XS2929905292. IPT: E+450bp at 99.50 area. Price talk: E+450bp at 99.50-99.75. Revised price talk: E+450bp at 99.75-100.00.

Priced: 3mE+450bp (0% floor) at 100.00.

Roadshow (small in-person group meetings in London) 10/29-30 (investor call at 10:30am UKT 10/29). Books closed at 2pm UKT (from 1:30pm UKT) 10/31. UOP: fund the acquisition of Somacis by Bain from Chequers for EUR529m, refi Somacis' existing EUR104m debt, fund the acquisition of AT&S Korea for EUR383m, GCP. Bain will invest EUR338m of equity and the existing minority investors and Chequers will invest EUR197m. Bain will own 64% of the combined company, Chequers 15% and other minority investors 21%. Biz: a leading global manufacturer of printed circuit bards (PCBS), focused on high mix, low-volume (HMLV) products for the PCB market. HQ: Castelfidardo, Ancona, Italy. (Somacis acquisition announced 07/29/2024, AT&S acquisition announced 09/23/2024).

GIC registration: HTTPS://WWW.NETROADSHOW.COM/EVENTS/LOGIN?SHOW=F27A7F5E&CONFID=73159. Deal entry code: SOMACISSO2.