03/19/2021 Foncia EUR650m 144A/Reg S notes 2-part. Via DB (B&D)/BNP/GS/Natixis jt glocos and physical books/BofA/CA/HSBC/ING/SMBC Nikko/UniCredit jt books, CS as co-manager. No reg rights. Interest pays Sept 30 and March 31, starting 09/30/21. List ISE. NY law. Settles 03/25 (T+4).
- Foncia Management SAS EUR400m sr sec notes due 03/31/28 (7y). NC3 (MWC B+50bp), then at 101.688, 100.844. Equity claw: 3y 40% at 103.375. Special call: 10% per year the first 3 years at 103. B2/B/B+ (negative/stable/stable). Reg S ISIN: XS2324364251. IPT: 3.50% area. Px talk: 3.25%-3.50%. Final terms: EUR400m at 3.375%. Priced: 3.375% at 100. +385bp vs DBR 0.25% 08/15/28.
- Flamingo Lux II SCA EUR250m sr notes due 03/31/29 (8y). NC3 (MWC B+50bp), then at 102.50, 101.125, 100. Equity claw: 3y 40% at 105.00. Caa1/CCC+/CCC+ (negative/stable/stable). Reg S ISIN: XS2324523583. IPT: 5.25%-5.50%. Px talk: 5.25% area. Final terms: EUR250m at 5.00%. Priced: 5.00% at 100. +538bp vs DBT 0.00% 08/15/29.
Roadshow started 03/15 (investor call at 9am UKT 03/16). Books closed at 12pm UKT today. Reconfirms were due by 2:15pm UKT today. UOP: along with EUR1.275bn term loan via BNPP/GS/Natixis jt physical books+, to refinance its existing EUR1.187bn term loan B, paydown $120m drawn on its revolver, fund EUR110m in acquisitions closing in the first half of 2021, pay EUR475m dividend. Equity sponsor: Partners Group. Biz: leading European residential real estate services provider to individuals and businesses. HQ: Antony, France.