Commentary & Deal Flow

Rubis Terminal Infra (RUBIST) EUR150m 144A/Reg S add-on to its 5.625% sr sec notes due May 15, 2025 (4.5y). NC1.5 (05/15/22) (MWC B+50bp), then at 102.8125, 101.4063, 100. Equity claw: 1.5y 40% at 105.625. Special call: 10% per year the 1st 1.5 years at 103. B1/B+ (stable/stable). Via JPM (sole phys/B&D)/CA  joint books. No reg rights. List TISE (Channel Islands). Settles 10/22 (T+10). Temporary Reg S ISIN: 22438997282. Existing Reg S ISIN: XS2178048257. Fungible with the EUR410m issue priced 05/14/20. IPT: 103 area. Px talk: 103.50 area (+/- 1/4). Launched: at 103.875.

Priced: 5.625% at 103.875, 4.670% YTM. +540bp vs OBL 0% April 2025.

Did investor call at 10am UKT today. 1x1 calls available. Books closed at 1pm UKT today. Reconfirms were due by 2pm UKT today. UOP: along with EUR175m shareholder cash contributions, to fund the acquisition of TEPSA, a leading independent storage operator in Spain, for EUR359m. Biz: leading independent storage provider of petroleum products, chemicals, agro products and fertilizer in Europe, owned by Rubis SCA (54.8%), a french-listed major intl energy group, and I Squared Capital (45%). HQ: Paris, France. (Acquisition announced 07/21/20).