Italian machinery maker Industria Macchine Automatiche SpA, or IMA, has originally launched €1.28 billion of seven-year senior secured fixed and floating rate notes due 2027 to finance its buyout by BC Partners and So.Fi.M.A. Società Finanziaria Macchine Automatiche SpA. The fixed rate tranche has been upsized by €30 million to €830 million, sources told Reorg.
The fixed rate tranche of €830 million has two-years’ non-call protection while the floating-rate tranche of €450 million has one year of non-call protection. The notes are expected to be rated B2 by Moody’s and B by S&P and listed on the Luxembourg Stock Exchange.
Price talk for the fixed-rate tranche is in the 4% area, and the floating rates notes are guided at 99.5 with a margin in the Euribor+400 bps to E+425 bps range. The floating rate notes have a 0% floor.