By Paul A. Harris
Portland, Ore., Oct. 2 – Italian information technology services provider Engineering SpA priced a €605 million issue of 5 7/8% six-year senior secured notes (B2/B/BB-) at 98.766 to yield 6 1/8% on Friday, according to a syndicate source.
The yield printed at the tight end of yield talk in the 6¼% area.
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. Joint bookrunners were BPM, Deutsche Bank, Nomura, Ubi Banca and UniCredit.
The notes were sold via Centurion BidCo SpA.
Proceeds will be used to support the buyout of the company by Bain Capital and Neuberger Berman and repay debt.
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.
| Issuer: | Centurion BidCo SpA
|
| Amount: | €605 million
|
| Maturity: | Sept. 30, 2026
|
| Securities: | Senior secured notes
|
| Joint global coordinators: | BNP Paribas (bill and deliver), Credit Suisse and Banca IMI
|
| Physical bookrunners: | BNP Paribas and Credit Suisse
|
| Joint bookrunners: | BPM, Deutsche Bank, Nomura, Ubi Banca and UniCredit
|
| Coupon: | 5 7/8%
|
| Price: | 98.766
|
| Yield: | 6 1/8%
|
| Spread: | 686 bps
|
| First call: | Sept. 30, 2022 at 102.938
|
| Trade date: | Oct. 2
|
| Settlement date: | Oct. 8
|
| Ratings: | Moody's: B2
|
| S&P: B
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6¼% area
|
| Marketing: | Roadshow
|
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