Commentary & Deal Flow

Almaviva SpA (ALMAIN) EUR350m (up from 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.  Settles 07/11 (T+11). 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 144A notes will be fungible once the acquisition closes. IPT: 99.00-99.50. Price talk: 99.75 area (+/- 0.25). EUR50m upsize for GCP. Launched: EUR350m at par.

Priced: 5.00% add-on at 100, yield 5.00%. +288bp vs DBR 0% 08/15/30.

Roadshow (small group meetings) 06/25-26 (investor call at 11am UKT 06/25). Books closed at 3pm UKT 06/26. 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 EUR87m (up from 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