By Marisa Wong
Los Angeles, Oct. 8 – BIP priced €275 million of seven-year senior secured floating-rate notes (expected ratings B2/B) at par through Bach Bidco SpA, according to a notice.
As previously reported, the deal was set to be shopped through Wednesday.
Joint global coordinator and joint bookrunner BNP Paribas will bill and deliver. Credit Agricole is also a joint global coordinator and joint bookrunner. Banca IMI and UCI are also joint bookrunners.
The Regulation S for life and Rule 144A notes become callable after one year at par.
Proceeds plus balance sheet cash will be used to pay off the bridge facility used to fund the acquisition of BIP by CVC Capital Partners.
The consulting firm is based in Milan.
| Issuer: | Bach Bidco SpA
|
| Issue: | Senior secured floating-rate notes
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| Amount: | €275 million
|
| Maturity: | 2028
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| Bookrunners: | BNP Paribas, Credit Agricole (joint global coordinator and joint bookrunner); Banca IMI and UCI
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| Price: | Par
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| Call option: | At par after one year
|
| Announcement date: | Oct. 8
|
| Expected ratings: | Moody’s: B2
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S
|
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