Loxam SAS (LOXAM) EUR500m 144A/Reg S sr sec notes due 02/15/30 (5y). NC2 (01/15/27) (MWC B+50bp), then at 102.125, 101.0625, 100. Equity claw: 2y 45% at 104.25. Special call: 10% per year the 1st 2 years at 103. NR/BB- (--/stable). Via BNP sole books. No reg rights. List Lux. NY law. CoC at 101. Pays Jan 15 and July 15, starting 07/15/25. Settles 02/18. Reg S ISIN: XS2982117694. Price talk: 4.50%-4.75%. Revised price talk: 4.25%-4.50%.
Priced: 4.25% at 100. +216bp vs DBR 0.00% 02/15/30.
Roadshow (1-on-1s) 02/05-06 (investor call at 10:30am UKT 02/05). Book closed at 12pm UKT (from 11:30am UKT) 02/06. UOP: along with EUR188m cash on hand, to redeem its EUR450m 3.75% sr sec notes due 07/15/26 (callable at 100) and EUR230.728m 5.75% sr sub notes due 07/15/27 (callable at 100). Biz: the largest European Equipment-rental group for the construction, industrial, public works, services and events & media sectors. HQ: Paris, France.
Deal Roadshow: https://dealroadshow.com/e/LOXAM25. Access code: LOXAM25.