Commentary & Deal Flow

Dolcetto Holdco SpA (DOC Pharma) (DOLCTH) EUR990m 144A/Reg S sr sec notes 2-part. B3/B (stable/stable). Via BNP (B&D)/Barc jt glocos/DB jt physical books/IMI/Mizuho/CA/KKR jt books. No reg rights. List Lux. NY law. Settles 07/14.

- EUR TBD (EUR350m minimum) sr sec fixed-rate notes due 2032 (7y). NC3 (50%,25%,par). CoC at 101. 30/360. Denoms: 100x1. IPT: high 5s-6%.

- EUR TBD (EUR350m minimum) sr sec FRN due 2032) (7y). NC1 (par). CoC at 101. Actual/360. Denoms: 100x1. IPT: 3mE+400bp area at par.

Roadshow (1-on-1s) 06/23-25 (investor call at 1pm UKT 06/30). UOP: repay debt, GCP. Equity sponsor: TPG. Biz: leading Italian generic pharmaceutical company.

Deal roadshow: https://dealroadshow.com/ Entry code: DOC25.