Cedacri guides €650 million seven-year floaters at Euribor plus 475-500 bps, OID 99.5

By Paul A. Harris

Portland, Ore., May 12 – Cedacri SpA set initial guidance on its €650 million offering of seven-year senior secured floating-rate notes (B3//B+) with a 475 basis points to 500 bps spread to Euribor with no Euribor floor, at an original issue discount of 99.5, according to market sources.

The roadshow was scheduled to run through Wednesday.

JPMorgan and UniCredit are leading the deal.

The notes, which will be issued by Cedacri Mergeco SpA, come with one year of call protection.

Proceeds will be used to fund the buyout of the Rome-based banking and infrastructure software group by ION Investment Group Ltd.

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