Recordati selling €1.28 billion secured notes for buyout by CVC; pricing this week

By Paul A. Harris

Portland, Ore., Oct. 9 – Recordati SpA plans to sell €1.28 billion of seven-year senior secured notes (expected ratings B2/B) before the end of the Oct. 8 week, market sources say.

The deal is coming in tranches of fixed-rate notes with three years of call protection and floating-rate notes with one year of call protection. Tranche sizes remain to be determined.

Joint global coordinator Deutsche Bank will bill and deliver. Credit Suisse and Jefferies are also joint global coordinators.

The issuing entity is Newco Rossini Acquisition Sarl, a special purpose vehicle controlled by CVC Capital Partners, which intends to use the proceeds from the bond sale to help fund its acquisition of a 51.8% stake in the Milan-based telecom.

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