Galbani, the Italian cheese and ham maker, will launch a €130m ($116.1m) high-yield bond in May to partly finance its leveraged buy-out (LBO) from Danone, the French foods group, by BC Partners, the European private equity firm.

JP Morgan, which acted as mandated arranger of the initial loan financing for the €1.02bn LBO in March, will lead manage the 10-year bond, which will be launched in the next three weeks to refinance a bridge facility that was part of the initial financing.