07/25/2024 Constellium SE (CSTM) approx. US$675m (US$/EUR) 144A/Reg S sr notes 2-part. Ba3/BB- (stable/stable). No reg rights. CoC at 101. Settles 08/08 (T+10).
- US$350m due 08/15/32 (8y). NC3 (08/15/27) (MWC T+50bp), then at 103.188, 101.594, 100. Equity claw: 3y 40% at 106.375. Via DB/WFS/BNP/GS/Barc/FITB/Citi/JPM/TSI/BMO jt books, Ramirez, BofA, PNC, Santander as co-managers. 144A CUSIP: 21039CAD6. IPT: 6.50%-6.75%. Price talk: 6.50% area. Priced: 6.375% at 100. +218bp vs 2.75% 08/15/32.
- EUR300m due 08/15/32 (8y). NC3 (08/15/27) (MWC B+50bp), then at 102.6875, 101.34375, 100. Equity claw: 3y 40% at 105.75. Via DB/BNP/SocGen/WFS/GS/Barc/IMI/Citi jt books, Ramirez, BofA, PNC, Santander as co-managers. List Lux. NY law. Reg S ISIN: XS2870878456. IPT: 5.50% area. Price talk: 5.50% area. Priced: 5.375% at 100. +307bp vs DBR 1.70% 08/15/32.
Did investor call at 10am NYT 07/24. Books closed at 10:30am NYT / 3:30pm UKT 07/25. UOP: along with cash on hand, to redeem its US$250m 5.875% sr notes due 02/15/26 (callable at 100) and EUR400m 4.25% sr notes due 02/15/26 (callable at 100). Biz: a global leader in the development and manufacture of high value-added aluminium products and solutions, and in aluminum recycling. HQ: Paris, France. Netroadshow - https://www.netroadshow.com/ev...;confId=69016.