Commentary & Deal Flow

Webuild SpA (IPGIM) EUR450m (up from EUR400m expected) Reg S bearer sr unsec notes due 07/03/31 (6y). NCL (MWC B+50bp) (6mo par call). NR/BB/BB+ (positive/stable). Via BNP/BofA/GS/HSBC/IMI/JPM/Natixis/UniCredit (B&D) jt physical books, BPER, CA as co-managers. List Dublin. English law. CoC at 100. Standard high-yield incurrence-based covenants. Annual pay (Act/Act). Settles 07/03 (T+7). ISIN: XS3106096178. IPT: 4.25%-4.50%. Price talk: 4.125%-4.25% yield WPIR. Final terms: EUR450m at 4.125% yield.

Priced: 4.125% at 100. +191.7bp vs DBR 0.00% 08/15/31.

Did investor calls 06/23. Books closed at 1pm (from 12pm) UKT 06/24. UOP: repay debt, including tender offer for its outstanding EUR180.011m 5.875% notes due 12/15/25 (ISIN: XS2271356201) (100.00 fixed purchase price) and EUR217.545m 3.875% notes due 07/28/26 (ISIN: XS2437324333) (101.00 fixed purchase price) (dealer managers BNP/GS/HSBC/IMI/JPM/Natixis/UniCredit), GCP. Biz: a global player in the construction industry specializing in complex infrastructure for sustainable mobility, hydroelectric energy, water and green buildings sectors. HQ: Rozzano (Milan), Italy.

Deal Roadshow direct link: https://dealroadshow.com/e/WEBUILD25.