05/11/2021 Afflelou (AAFFP) EUR410m 144A/Reg S sr sec 1st lien notes due 05/19/26 (5y). NC2 (MWC B+50bp), then at 102.125, 101.0625, 100. Equity claw: 2y 40% at 104.25. B2/B/B+ (stable/stable/negative). Via MS sole gloco and physical books/BNP/CA jt books. No reg rights. List Dublin. NY law. Settles 05/19 (T+6). Reg S ISIN: XS2342910680. Px talk: 4.50% area (+/-0.125%). Final px talk: 4.25%. Priced: 4.25% at 100. +480bp vs OBL 0% 04/10/26.
Also pre-placed: EUR75m 144A/Reg S sr sub FRN due 05/19/27 (6y). NC2 (MWC B+50bp), then at 104, 1012, 100. Caa1/CCC+/CCC+. 3mE+800bp (0% floor) at 99.00. Reg S ISIN: XS234291570.
Did investor call at 11am UKT 05/06, then small group meetings. Books closed at 4:30pm UKT 05/11 (originally closing 05/12 at 11am UKT, with pricing 05/12). UOP: along with the EUR75m sr sub FRN and EUR106m cash on hand, to refinance existing notes (EUR165m sr sec FRN due 2023 and EUR250m sr sec notes due 2023), repay EUR30m PGE loans, and EUR135m partial shareholder bond reimbursement. Equity sponsors: Lion Capital (45%), CDPQ (20.8%), Amboise Partners (14.5%). Biz: a leading optical and hearing aid franchisor with over forty years of experience and a strong presence in its core markets, France and Spain. HQ: Paris, France.