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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
HYC
INDS
PRCD
MANGRV
Mangrove LuxCo III SARL (Kelvion)€475
1EMEA
Jul 4, 2024
currency
EUR
size (m)
475.000
maturity
Jul 15, 2029
type
Fixed
tenor
5.000
call
2.00
registration
144A/Reg S
benchmark
-
ranking
Sr. Secured
moody's
B3
s&p
B
fitch
-
size description
-
re-open/tap
No
ipt
3mE+525bp (0% floor) at 98.00-98.50
ipt-pxd
-
guidance
3mE+500-525 (0% floor) at 99.00, revised 3mE+525bp
spread
500
coupon
-
spread set
-
price
99.00000
yield
-
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
left lead
active leads
CMZ, DEU, ING, JPM, ...
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
left lead
active leads
CMZ, DEU, ING, JPM, ...
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Redemption: 2025-07-18; Registration: 144A/Reg S;
Relative Value

07/04/2024 Mangrove LuxCo III Sarl (Kelvion) (MANGRV) EUR475m (up from EUR425m) sr sec FRN due 07/15/29 (5y). NC1 (07/18/25) (MWC B+50bp), then at 100. B3/B (positive/stable). Via DB (B&D)/JPM jt physical books/Commerz/ING/NatWest/UniCredit jt glocos and books. No reg rights. NY law. List ISE. CoC at 101. Qrtly pay starts 10/15/24. Settles 07/18 (T+10). Reg S ISIN: XS2852974153. IPT: 3mE+525bp (0% floor) at 98.00-98.50. Price talk: 3mE+525bp (0% floor) at 98.50-99.00. EUR50m upsize to support a partial redemption of TPECs. Revised price talk: 3mE+500-525bp (0% floor) at 99.00. Priced: 3mE+500bp (0% floor) at 99.00. Roadshow 07/02-04 (investor call at 11am UKT 07/02). Books closed at 12:30pm UKT 07/04. Recommitments were due 2:45pm UKT 07/04. Pricing 07/04 UK afternoon. UOP: redeem its existing EUR371.8m 7.75% gtd sr sec notes due 10/09/25 in full, and EUR36.7m for GCP, including EMEA footprint alignment and capex ($50m upsize to support a partial redemption of TPECs). Equity sponsor: Triton Partners. Biz: A leading global provider of mission critical heat exchanger solutions with diversified presence across EMEA, Americas and APAC. HQ: Herne, Germany. NetRoadshow / GIC Registration: https://www.netroadshow.com/ev...;confId=67817


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