06/26/2024 CECONOMY AG (CECGR) EUR500m 144A/Reg S sustainability-linked sr notes due 07/15/29 (5y). NC2 (07/15/26) (MWC B+50bp), then at 103.125, 101.563, 100 (in each case of coupon plus 0.375% if SPT is not met). Equity claw: 2y 40% at 106.25. Special call: 10% per year the first 2 years at 103. NR/BB-/BB (--/stable/stable). Via BNP/DB/JPM (B&D)/SocGen jt glocos and active books/Commerz/DZ/ING/UniCredit jt books, Caixa, CIC, Helaba, RBI, Santander as co-managers. No reg rights. List Lux. NY law. CoC at 101. Settles 07/03. Reg S ISIN: XS2854329104. IPT: low-to-mid 6s. Price talk: 6.25% area (+/- 12.5bp) yield. Final yield: 6.25%. Priced: 6.25% at 100. +387bp vs DBR 0% 08/15/29. Roadshow (small group 1x1s) 06/24-26 (investor call at 10:15am UKT 06/24). Books closed at 2:30pm UKT 06/26. UOP: refinance its EUR500m 1.75% sr notes due 06/24/26 (callable at MW B+40bp). Biz: Leading omnichannel consumer electronics retailer in Europe operating under its brands MediaMarkt and Saturn. HQ: Dusseldorf, Germany.
Sustainability Performance Target (SPT): reduction in absolute scope 3 category 11 emissions of 14.8% by 30 September 2027 from a baseline year ending 30 September 2022.
Interest step-up mechanism: +0.375% per annum unless the Issuer has certified that the SPT has been achieved as of 30 September 2027.
Netroadshow: www.netroadshow.com/nrs/home/#!/?show=7718d7cb; Deal entry code: PHOENIX (not case-sensitive).