Redemption: 2027-02-05; Registration: Reg S Only; Comments: B&D: BNP;
Deal Comments
OVH Groupe SA (OVHcloud) (OVH) EUR500m (up from EUR470m) Reg S only sr notes due 02/05/31 (6y). NC2 (02/05/27) (MWC B+50bp), then at 102.375, 101.1875, 100. Equity claw: 2y 40% at 104.75. Ba3/BB- (stable/stable). Via BNP (B&D)/JPM jt physical books/CA/HSBC/Natixis jt passive books, La Banque Postale, Scotia as co-managers. List Lux. NY law. CoC at 101. Pays Feb 05 and Aug 05, starting 08/05/25. Settles 02/05 (T+5). Reg S ISIN: XS2992020037. IPT: 5.25%-5.50%. EUR30m upsize for cash on the B/S. Price talk: 5.00% area (+/- 12.5bp). Final price talk: 4.75%-4.875% (WPIR).
Priced: 4.75% at 100. +245bp vs DBR 0.00% 02/15/31.
Roadshow 01/27-29 (investor call at 10am UKT 01/27). Books closed 1:30pm UKT 01/29. Reconfirms were due 2:30pm UKT 01/29. UOP: along with a new EUR450m term loan, to refi EUR500m of existing term loan, EUR350m to fund share buyback, and EUR68m (up from EUR38m) for GCP (EUR30m upsize for GCP). Principal shareholder: the Klaba Family (81.3%). Biz: leading independent Europe-based cloud services provider. HQ: Roubaix, France.
Evercall GIC registration link: https://evercall.co/oacc/86969.
Deal Roadshow link: https://dealroadshow.com/e/OME... (access code: OMEGA25).