Clarios Global LP/Clarios US Finance Co (POWSOL) EUR/US$ 144A/Reg S sr sec notes 2-part. B1/BB-/B+ (stable/stable/stable). No reg rights. Settles 06/18 (T+10 US biz days).
- EUR800m sr sec notes due 06/15/31 (6y). NC2 (06/15/27) (MWC B+50bp), then at 102.375, 101.188. Equity claw: 2y 40% at 104.75. Special call 10% per year the ist 2 years at 103. List ISE. NY Law. Via DB (B&D)/Citi JPM jt physical books/Barc/BMO/Scotia/TD/HSBC/RBC/BofA/CIBC/UBS/USB/BNP/GS/Santander/StanChart/WFS jt books, CA, ING as co-managers. CoC at 101. 144A ISIN: XS3091295983. IPT: 5.25%-5.505%. Price talk: 5.00% area (+/- 0.125%). Final terms: EUR800m at 4.75%. Priced: 4.75% at 100.
- US$300m add-on to its 6.75% sr sec notes due 02/15/30 (4.75y). NC1.75 (02/15/27) (MWC T+50bp), then at 103.275, 101.688, 100. Equity claw: 1.75y 40%. Special call: 10% per year the 1st 1.75 years at 103. Via Citi physical books/DB/JPM/Barc/BMO/Scotia/TD/HSBC/RBC/BofA/CIBC/UBS/USB/BNP/GS/Santander/StanChart/WFS jt books, Brookfield, CA, ING as co-managers. CoC at 101. 144A CUSIP: 18060TAD7. Immediately 144A fungible with the $700m issue price 01/14/25. IPT: 100.50 area. Price talk: 101.00 area (+/- 0.25 pt). Final terms: US$300m at 101.50. Priced: 6.75% add-on at 101.50, 6.369% YTM (6.280% YTW). STM +242bp vs 4.00% 05/31/30 (STW +233bp vs 4.00% 05/31/30).
Did investor call at 3pm UKT / 10am NYT 06/03. Books closed at 2:30pm UKT / 9:30am NYT 06/04. Recomits were due by 3:30pm UKT/10:30am NYT 06/04. UOP: redeem its EUR700m 4.375% 1st lien notes due 05/15/26 (callable at 100) and US$400m 6.25% sr sec notes due 05/15/26 (callable at 100) and GCP. Equity sponsors: Brookfield and CDPQ. Biz: a global supplier of low-voltage automotive batteries for virtually every type of passenger car, light truck and utility vehicle. HQ: Glendale, WI.
Netroadshow link:https://www.netroadshow.com/events/login?show=918401cb&confId=83615.