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Italy’s Engineering talks €605 million six-year secured notes at 6¼% area yield; pricing Friday
By Paul A. Harris
Portland, Ore., Oct. 1 – Italian information technology services provider Engineering SpA talked its €605 million offering of six-year senior secured notes (B2/B/BB-) to yield in the 6¼% area, according to a syndicate source.
The deal, backing the buyout of the company by Bain Capital and Neuberger Berman, is set to price on Friday.
Joint global coordinator and physical bookrunner BNP Paribas will bill and deliver. Credit Suisse is also a joint global coordinator and physical bookrunner. Banca IMI is also a joint global coordinator.
BPM, Deutsche Bank, Nomura, Ubi Banca and UniCredit are joint bookrunners.
The Rule 144A and Regulation S notes become callable after two years at par plus 50% of the coupon.
In addition to funding the acquisition of the company, proceeds will also be used to repay debt.
The issuing entity will be special purpose vehicle Centurion BidCo SpA.
The Rome-based firm withdrew a €640 million two-part deal in late June when it became embroiled in a corruption investigation involving municipal public works in Milan.
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