06/23/2021 Paprec Holding SA (PAPREC) EUR450m 144A/Reg S green sr sec 1st priority notes due 07/01/28 (8y). NC3 (MWC B+50bp), then at 101.75, 100.875, 100. Equity claw: 3y 40% at 103.50. Special call: 10% per year the first 3 years at 103. B2/B+ (positive/stable). Via BNP (B&D)/CA jt glocos and active books/Natixis jt books. No reg rights. List ISE. NY law. Settles 07/02 (T+7). Reg S ISIN: XS2349786835. IPT: mid-high 3s. Px talk: 3.50% area (+/- 0.125%). Priced: 3.50% at 100. +396bp vs DBR 0.50% 02/15/28. Rdshw 06/21-23 (investor call at 12pm UKT 06/21). Books closed at 1pm UKT 06/23. UOP: along with EUR30m cash on hand, to finance the bolt-on acquisition of Dalkia WasteEnergy (TIRU) for EUR147m and CNIM O&M for EUR57.4m, redeem its EUR225m sr sec FRN due 03/31/25 at 100, partially repay EUR30m of the EUR144m PGE facility, and EUR12m for GCP. Also new upsized EUR230m (from EUR200m) super sr sec revolver. Biz: a waste services specialist operating mainly in France and specializing in the collection, sorting and recycling of non-hazardous waste from private and public customers, including municipalities. HQ: Paris, France.