IT services provider Engineering sets roadshow for €640 million two-part secured notes offering

By Paul A. Harris

Portland, Ore., June 22 – Italian information technology services provider Engineering plans to commence a telephone roadshow on Tuesday for a €640 million two-part offering of six-year senior secured notes (expected ratings B2/B/BB-), according to a syndicate source.

The deal is coming in a €240 million tranche of floating-rate notes, which become callable after one year at 101, and a €400 million tranche of fixed-rate notes, which become callable after two years at par plus 50% of the coupon.

The roadshow wraps up on Thursday, and the deal is set to price thereafter.

Joint global coordinator and joint physical bookrunner BNP Paribas will bill and deliver for the Rule 144A and Regulation S offering. Credit Suisse is also a joint global coordinator and joint physical bookrunner. Banca IMI is a joint global coordinator. BPM, Deutsche Bank, Nomura, UBI Banca and UniCredit are joint bookrunners.

The issuing entity is special purpose vehicle Centurion Bidco SpA.

Proceeds will be used to fund the acquisition of Engineering by Neuberger Berman and to refinance debt.

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