Commentary & Deal Flow

Inter Media and Communications SpA (Inter Milan) EUR75m 144A/Reg S sr sec notes due Dec 31, 2022 (2.4y). Callable  07/31/20 at 102.438. NR/NR/BB- (--/stable). Via JPM. No reg rights. Settles 07/31 (T+5). List Luxembourg Stock Exchange EuroMTF; Vienna Stock Exchange. NY law. Denoms: 100x1. Reg S ISIN XS2010029747. On 12/14/17 Inter priced a EUR300m deal with a similar structure.

Priced: 4.875% at 93.00, 8.285% YTM. +900bp vs DBR 1.50% 02/15/23.

UOP: Majority shareholder: Suning. GCP. Biz: owns and operates the professional football club FC Internazionale Milano (Inter). HQ: Milan, Italy.