By Marisa Wong
Los Angeles, Jan. 28 – Brunello BidCo SpA priced €1.15 billion of seven-year senior secured notes (B3/B-/B+) at par in two tranches, according to a press release.
Brunello priced €300 million of senior secured fixed-rate notes due 2028 and €850 million of senior secured floating-rate notes due 2028.
The fixed-rate notes carry a coupon of 3˝%, and the floating-rate notes bear interest at Euribor plus 375 bps, subject to a 0% Euribor floor.
J.P. Morgan AG, Barclays, BNP Paribas, BofA Securities, Deutsche Bank, Goldman Sachs International, Morgan Stanley, Nomura and UniCredit Bank are managers for the Rule 144A and Regulation S deal.
Proceeds will be used to fund Brunello’s acquisition of Barolo Lux 1 Sarl, the indirect holding company of TeamSystem SpA; to redeem TeamSystem’s €200 million senior secured floating-rate notes due 2025 and €550 million senior secured floating-rate notes due 2023; and to acquire the minority stakes held by third-party shareholders in some subsidiaries of TeamSystem.
Settlement is expected to occur on Feb. 10.
The notes will be listed on the Luxembourg Stock Exchange.
Brunello is an entity incorporated by private equity funds advised by Hellman & Friedman Capital Partners IX, LP. TeamSystem is a Milan-based software company.
| Issuer: | Brunello BidCo SpA
|
| Amount: | €1.15 billion
|
| Maturity: | 2028
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| Securities: | Senior secured notes
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| Managers: | J.P. Morgan AG, Barclays, BNP Paribas, BofA Securities, Deutsche Bank, Goldman Sachs International, Morgan Stanley, Nomura and UniCredit Bank
|
| Pricing date: | Jan. 27
|
| Settlement date: | Feb. 10
|
| Ratings: | Moody’s: B3
|
| S&P: B-
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Listing: | Luxembourg Stock Exchange
|
|
|
| Fixed-rate notes
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| Amount: | €300 million
|
| Coupon: | 3˝%
|
| Price: | Par
|
| Yield: | 3˝%
|
|
|
| Floating-rate notes
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| Amount: | €850 million
|
| Coupon: | Euribor plus 375 bps, subject to a 0% Euribor floor
|
| Price: | Par
|
| Yield: | Euribor plus 375 bps
|
|
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