by Stephen Carter
Mar 24, 2025 7:13 AM ET
Itelyum Regeneration SpA (ITLYUM) EUR700m 144A/Reg S sr sec notes 2-part. Expected B2/B (stable/stable). Via BofA (B&D)/JPM jt glocos and physical books, GS/IMI/Natixis/UniCredit jt books. No reg rights. List Lux. NY law.
- EUR TBD sr sec notes due 2030 (5y). NC2 (50%,25%,par). IPT: mid-to-high 6s.
- EUR TBD sr sec FRN due 2030 (5y). NC1 (then at par). IPT: low-to-mid 400s.
Roadshow 03/24-25 (small group calls) (investor call at 11am UKT 03/24) (also did a non-deal roadshow 03/12-13). UOP: repay debt, including its EUR510m 4.625% sr sec notes due 10/01/26 (callable at 101.156) pay down revolver, fund acquisitions and GCP. Equity sponsors: Stirling Square Capital Partners and Deutsche Beteiligungs. Biz: waste management with a distinctive focus on recycling and regeneration activities of industrial hazardous waste. HQ: Pieve Fissiraga (Lodi), Italy.
Netroadshow link: https://www.netroadshow.com/events/login?show=d7dda8ff&confId=79928