Italy’s ICBPI sets roadshow for €1.1 billion two-part PIK toggle notes offering backing LBO

By Paul A. Harris

Portland, Ore., Nov. 2 – Italy’s ICBPI (Istituto Centrale Delle Banche Popolari Italiane) plans to start a roadshow on Tuesday for a €1.1 billion two-part offering of 5.5-year senior secured PIK toggle notes, according to a market source.

The offer is coming in tranches of fixed-rate notes and floating-rate notes, the sizes of which remain to be determined.

The roadshow wraps up on Friday.

Physical bookrunner Goldman Sachs International will bill and deliver for the Rule 144A and Regulation S offering. HSBC Bank and JPMorgan are also physical bookrunners.

BofA Merrill Lynch, Citigroup, UniCredit and Nomura are joint bookrunners.

The issuing entity will be special purpose vehicle Mercury Bondco plc.

Proceeds will be used to help fund the €2.15 billion buyout of ICBPI, a Milan-based financial services provider, by a consortium comprised of Advent International, Bain Capital and Clessidra.

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