11/08/2023 Paprec Holding SA (PAPREC) EUR600m 144A/Reg S green sr sec 1st priority notes 2-part. NR/BB/BB+ (--/stable/stable). Via BNP/CA (B&D) jt active books/Natixis jt glocos/SocGen jt books. No reg rights. List ISE. NY law. settles 11/17 (T+7).
- EUR300m due 11/17/27 (4y). NC2 (MWC B+50bp), then at 103.250, 101.625, and at 100 the last 6mos. Equity claw: 2y 40% at 106.50. Reg S ISIN: XS2712523310. IPT: high 6s to 7. Px talk: 6.50%-6.625%. Final terms: EUR300m at 6.50%. Priced: 6.50% at 100. +388bp vs OBL 1.3% 10/15/27.
- EUR300m due 11/17/29 (6y). NC2 (MWC B+50bp), then at 102.625, 101.813, 100. Equity claw: 2y 40% at 107.25. Reg S ISIN: XS2712525109. IPT: low to mid 7s. Px talk: 7.25%-7.375%. Final terms: EUR300m at 7.25%. Priced: 7.25% at 100. +470bp vs DBR 2.1% 11/15/29.
Rdshw 11/06-08 (investor call at 1pm UKT 11/06). Books closed at 2pm UKT 11/08. UOP: refinance its EUR575m 4% sr sec notes due 03/31/25 (callable at 100), GCP. Biz: a family-owned waste management company, mainly in France and specializing in the recycling and waste-to-energy activities from private and public customers, including municipalities. HQ: Paris, France.