Italy’s I.M.A. marketing €1.25 billion secured notes in fixed- and floating-rate tranches

By Paul A. Harris

Portland, Ore., Dec. 7 – Italy-based I.M.A. Industria Macchine Automatiche SpA plans to sell €1.25 billion of seven-year senior secured notes (expected B2/confirmed B), according to market sources.

The notes, which are being issued in a Rule 144A and Regulation S transaction by Sofima Holding SpA, an intermediate holding company of I.M.A., were shopped on an investor conference call Monday afternoon, London time.

The deal features a tranche of fixed-rate notes, which are being sold with two years of call protection, and a tranche of floating-rate notes being sold with one year of call protection. Tranche sizes remain to be determined.

Global coordinator and physical bookrunner JPMorgan will bill and deliver. BNP Paribas, UniCredit, Mediobanca, Morgan Stanley, Credit Agricole CIB, Mizuho and NatWest are joint global coordinators and joint bookrunners.

The company, which is based in Bologna, plans to use the proceeds to refinance the amount outstanding under its senior secured bridge facility, and to fund the escrow accounts which may be used to purchase shares under the MTO acquisition, to finance over-the-counter purchases of shares, to repay debt and to fund cash on the balance sheet.

The prospective issuer designs and assembles automated machines for the processing and packaging of pharmaceuticals, food, tea, coffee and tobacco.

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