Commentary & Deal Flow

El Corte Ingles SA EUR600m (up from EUR500m and EUR400m) 144A/Reg S sr unsec notes due March 15, 2024 (3.5y). NC1.5 (MWC B+50bp) (50%, par). Equity claw: 1.5y 40%. Ba1/BBB-/BB+ (negative/negative/negative). Via BofA sole gloco/physical books (B&D)/Sabadell/Bankia/BBVA/BNPP/Caixa/CA/GS/JPM/Santander/SocGen/UniCredit joint active books/Commerz/IMI-Intesa joint books. No reg rights. List Dublin. NY law. !000x1. IPT 3.75%-4.00%.

Px talk: 3.75% area (unchanged).

Did investor call at 11am UKT today (also did fixed income investor calls 09/21-22). Books close at 3pm UKT today (originally closing at 2pm UKT today). Pricing UK afternoon. UOP: GCP, including to repay and/or pre-fund its debt as and when maturities come due. Biz: Leading European Department store operator, primarily in Spain and Portugal, with an omni-channel and diversified retail and non-retail offering underpinned by substantial real estate value. HQ: Madrid, Spain.