01/31/2024 Goldstory SAS (THOM) (THOEUR) EUR850m 144A/Reg S sustainability-linked sr sec notes fixed/floating 2-part. B2/B+ (stable/stable). Via BNP (B&D FRN)/JPM (B&D fixed rate) jt glocos and physical books/ING/SocGen jt books (BNP sustainability-linked bond structuring coordination). No reg rights. List Lux. NY Law. Settles 02/14 (T+10).
- EUR350m (from EUR350m minimum) FRN due 02/01/30 (6y). NC1 (MWC B+50bp), then at 101, 100. Reg S ISIN: XS2761222400. IPT: E+425-450bp at 99.50. Px talk: E+400-425bp at 99.75. Final terms: EUR350m E+400bp at par. Priced: EUR350m E+400bp (0% floor) at 100.
- EUR500m (from EUR350m minimum) fixed rate notes due 02/01/30 (6y). NC2 (MWC B+50bp), then at 103.375, 101.6875. Equity claw: 2y 40% at 106.75. Reg S ISIN: XS2761223127. IPT: low 7s. Px talk: 7% area (+/- 0.125%). Final terms: EUR500m at 6.75%. Priced: 6.75% at 100. +463bp vs DBR 2.1% 11/15/29.
Roadshow j01/29-30 (investor call at 10:30am UKT 01/29). Books closed at 11:30am UKT 01/31. Reconfirms were due by 1pm UKT 01/31. UOP: redeem its EUR620m sr sec notes due 2026 (EUR370m 5.375% sr sec notes due 03/01/25 (callable at 102.688) and EUR250m sr sec FRN due 03/01/26 (callable at 101)), repay EUR30m vendor loan to Altamir, EUR174m dividend. Equity sponsor: Altamir. Biz: a leading pan-European retailer of affordable precious jewelry with leading positions in France and Italy. HQ: Paris.
Sustainability Performance Targets. SPT 1: Reduce absolute scopes 1, 2, and 3 GHG emissions by 16% by 2027, and by 30% by 2030; SPT 2: 85% of products and gold purchased from non-branded suppliers (tier 1) that are certified or audited by 2027, and 100% by 2030.
Coupon steps up 12.5bp upon failure to satisfy SPT 1 condition and 12.5bp upon failure to satisfy SPT 2 condition (for a maximum cumulative premium of 25bp).