Commentary & Deal Flow

Kepler SpA (Biofarma Group) (BIOFSP) EUR500m 144A/Reg S sr sec FRN due 2029 (4.5y). NC1 at par. Expect B3/B-/B. Via BNP (B&D)/ING/Jefferies/SMBC Nikko jt glocos/IMI/KCM/Natixis/Nomura jt books. No reg rights. Roadshow (Q&A sessions) 06/23-24 (investor call at 11:30am UKT 06/23). UOP: repay existing FRNs, pay down revolver, repay other debt, and GCP. Biz: leading nutraceutical CDMO (develops, manufactures and packages supplements, medical devises, probiotic-based drugs and cosmetics, exclusively for third parties). HQ: Mereto di Tomba, Italy. 

Deal Roadshow direct link: https://dealroadshow.com/e/BIOFARMA2025. Entry code: BIOFARMA2025.