Commentary & Deal Flow

Itelyum Regeneration SpA (ITLYUM) EUR725m (up from EUR700m) 144A/Reg S sr sec notes 2-part. B2/(expect 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. EUR25m upsize for GCP.

- EUR TBD sr sec notes due 2030 (5y). NC2 (MWC T+50bp) (50%,25%,par). Equity claw: 3y 40%. Special call: 10% per year the first 2 years ar 103. CoC at 101. IPT: mid-to-high 6s. Price talk: 6.25% area (+/-12.5bp). Revised price talk: 5.75%-6.00%.

- EUR TBD sr sec FRN due 2030 (5y). NC1 (MWC T+50bp) (then at par). CoC at 101. Floats/pays quarterly (0% floor). IPT: E+low-to-mid 400s. Price talk: E+425bp area (+/-12.5bp) at par. Revised price talk: E+375-400bp at par.

Roadshow 03/24-25 (small group calls) (investor call at 11am UKT 03/24) (also did a non-deal roadshow 03/12-13). Books close at 1:30pm UKT (from 12pm UKT) 03/26. Pricing 03/26 UK afternoon. UOP: repay debt, including its EUR510m 4.625% sr sec notes due 10/01/26 (callable at 101.156) pay down the EUR48m drawn on its revolver, EUR23m to fund recent bolt-on acquisitions and EUR127m (up from EUR102m for 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