Commentary & Deal Flow

Engineering Ingegneria Informatica SpA (formerly Centurion Bidco SpA) (ENGIM) EUR650m 144A/Reg S sr sec notes 2-part. B3/B-/B (stable/negative/stable). Via BNP (B&D fixed)/UBS (B&D FRN) jt glocos/Akros/BPM/CA/DB/IMI/GS/Normura/UniCredit jt books. No reg rights. List Lux. NY law. CoC at 101. Settles 02/10 (T+8).

- EUR300m (from EUR300m minimum) sr sec fixed-rate notes due 02/15/30 (5y). NC2 (02/15/27) (MWC B+50bp), then at 104.3125, 102.15625, 100. Equity claw: 2y 40% at 108.625. Special call: 10% per year the first 2 years at 103. Pays March 31 and Sept 30, starting 03/31/25. Reg S ISIN: XS2988687682. IPT: 9.00%-9.25%. Price talk: 8.75%-9.00%. Final price talk: 8.625%-8.75%. Priced: 8.625% at 100, yield 8.632%. +635.8bp vs DBR 0.00% 02/15/30.

- EUR350m (from EUR300m minimum) sr sec FRN due 02/15/30 (5y). NC1 (02/15/26) (MWC B+50bp), then at 101, 100. Quarterly pay March 21, June 30, Sept 30, December 31, starting 03/31/25. Reg S ISIN: XS2988685983. IPT: E+600-625bp, 0% floor, at 99.50. Price talk: E+575-600bp, 0% floor, at 99.50. Final price talk: E+575bp, 0% floor, at 99.50-100.00. Priced: E+575bp, 0% floor, at 100.

Roadshow (small group meetings): 01/27-29 (investor call 11am UKT 01/27). Books closed at 12:30pm UKT 01/29. Reconfirms were due at 2pm UKT 01/29. UOP: redeem its existing EUR605m 5.875% sr sec notes due 09/30/26 (callable at 100), repay its EUR38.4m term loan. Equity sponsors: Bain (49.7%) and Neuberger Berman (49.7%). Biz: Centurion's operating sub, Engineering Engegneria Informatica, is a leading specialist provider of IT services, software development and digital platforms. HQ: Rome, Italy.

Deal Roadshow:https://urldefense.com/v3/__ht...;!!CX2e5RWqcItE!rG4fXgpmCG-QainH98g74MArB7Gl44wOHvxkoZHGBpyyllFPyFpaeJIThLA16AtEE5tlykXRO8v36W00yXGIjk6L6eo$(access code ENGNGRP2025).