By Paul A. Harris
Portland, Ore., May 9 – Centurion Bidco SpA, the parent of Italian software and technology supplier Engineering Group, priced a €385 million issue of five-year senior secured notes (B2/B-/BB-) at par to yield 11 1/8% on Tuesday, according to market sources.
The yield printed 12.5 basis points tighter than the 11¼% to 11½% yield talk.
Joint global coordinator and joint physical bookrunner BNP Paribas will bill and deliver. Deutsche Bank is also a joint global coordinator and physical bookrunner. Passive bookrunners were Banca Akros, Credit Suisse, Nomura and UniCredit.
The Milan-based company plans to use the proceeds plus balance sheet cash to repay the €385 million bridge facility put in place to fund its acquisition of Be Shaping the Future SpA, an Italian business and information technology consulting group.
| Issuer: | Centurion Bidco SpA
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| Amount: | €385 million
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| Issue: | Senior secured notes
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| Maturity: | May 15, 2028
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| Joint global coordinators: | BNP Paribas (bill and deliver) and Deutsche Bank
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| Physical bookrunners: | BNP Paribas and Deutsche Bank
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| Passive bookrunners: | Banca Akros, Credit Suisse, Nomura and UniCredit
|
| Coupon: | 11 1/8%
|
| Price: | Par
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| Yield: | 11 1/8%
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| Spread: | 886.5 bps
|
| First call: | May 15, 2025 at 105.563
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| Trade date: | May 9
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| Settlement date: | May 17
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| Ratings: | Moody’s: B2
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| S&P: B-
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| Fitch: BB-
|
| Distribution: | Regulation S
|
| Price talk: | 11¼% to 11½%
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