Commentary & Deal Flow

Almaviva SpA (ALMAIN) EUR300m 144A/Reg S add-on to its 5.00% sr sec notes due 10/30/30 (4.3y). NC1.3 (10/30/26) (MWC B+50bp), then at 102.50, 101.25, 100. Equity claw: 1.3y 40% at 105.00. Special call: 10% per year the first 1.3 years at 103. NR/BB-/(existing BB+) (--/stable/Ratings Watch negative). Via JPM (B&D) gloco/BNP/GS/Unicredit jt books. No reg rights. List Lux. NY law. CoC at 101. The original EUR725m issue priced 10/24/24. The proceeds will be placed in escrow pending closing of the acquisition, which is expected in July. The new notes will be fungible once the acquisition closes.

 IPT: 99.00-99.50. 

Roadshow (small group meetings) 06/25-26 (investor call at 11am UKT 06/25). UOP: finance acquisition of Tvit from Apax (EUR128m cash and EUR125m repayment of certain Tvit deb) for EUR280m total enterprise value including operating leases, and EUR37m for GCP. Biz: Leading provider of IT services, digital relationship management (DRM), Big Data, advanced analytics and AI in Italy and other geographies, in particular Brazil. HQ: Rome, Italy. (Acquisition announced 06/12/24).

Netroadshow direct link: https://www.netroadshow.com/events/login?show=a5f950a2&confId=84524