Loxam SAS (LOXAM) EUR540m (up from EUR500m) 144A/Reg S sr sec notes due 02/15/31 (5.5y). NC2 (09/15/27) (MWC B+50bp) then on 09/15/27 at 102.125, on 09/15/28 at 101.0625, on 09/15/29 and thereafter at 100. Equity claw: 2y 45% at 104.25. Special call: 10% per year the 1st 2 years at 103. NR/BB- (--/stable). Via BofA (B&D)/Natixis jt glocos and physical books/BNP/CIC/CA/DB/JPM/SocGen jt books. No reg rights. List Lux. NY law. CoC at 101 with downgrade. Pays 15 March and 15 September, starting 09/15/25. Denoms 100x1. Reg S ISIN: XS3124949226. Settles 07/30 (T+10). Price talk: 4.50% area. Revised price talk: 4.25% area. EUR40m upsize for GCP, including repaying existing sr sec notes due 2029. Final terms: EUR540m at 4.25%.
Priced: 4.25% at 100. +201bp vs 0% 02/15/31.
Roadshow (small group meetings) 07/15 (did investor call at 10:30UKT/11:30am CET). Books closed at 1:30pm 07/16 (from 12pm UKT) 07/16. UOP: redeem all outstanding EUR300m 1st lien sr sec notes due 04/15/26 (callable at par) and EUR183.21m sr sub notes due 04/15/27 (callable at par), and GCP, including the refinancing of existing debt (EUR40m upsize for GCP, including repaying existing sr sec notes due 2029). Biz: the largest European Equipment-rental group for the construction, industrial, public works, services and events & media sectors. HQ: Paris, France.
Netroadshow link: https://www.netroadshow.com/events/login?show=2f51364d&confId=85404