01/24/2020 Arena Luxembourg Finance Sarl (Empark) EUR575m 144A/Reg S sr sec notes 2-part. Ba3/BB (stable/stable). Via JPM (B&D)/Barc joint physical books/Santander/BNP/DB/GS/Natwest joint books. settles Jan 30 (T+4).
- EUR475m fixed-rate notes due 01/Feb-2028 (8y). NC3 (MWC B+50bp), then at 100.938, 100.469, 100. Equity claw: 3y 40% at 101.875. Reg S ISIN: XS2111944133. IPT: low-to-mid 2s. Price talk: 2.25% area. Final terms: EUR475m at 1.875%. Priced: 1.875% at 100. +230bp vs DBR 0.5% 02/15/28.
- EUR100m floating-rate notes due 01-Feb-2027 (7y). NC1 (MWC B+50bp), then at 101, 100. Reg S ISIN: XS2111944992. IPT: E+225-250bp (0% floor). Price talk: 3mE+225bp area (0% floor). Priced: 3mE+200p (0% floor) at 100.
Roadshow Jan 22-24 (Weds/Thurs London, Fri Paris). Books closed at 10:30am UKT 01/24. UOP: along with EUR23m of cash on hand, to redeem its EUR125m sr sec FRN due 11/01/23 (callable at 100) and the ERU350m 2.875% sr sec fixed rate notes due 11/01/24 (MWC B+50bp) and fund a EUR92m distribution to shareholders. Biz: leading operator in the Iberian parking infrastructure concession market. HQ: Madrid, Spain.