Commentary & Deal Flow

CANPACK SA/Eastern PA Land Investment Holding LLC US$1.1bn equivalent (US$/EUR) 144A/Reg S sr notes 2-part. Ba2/BB (stable/stable). Via Citi(EUR B&D)/HSBC/WFS (US B&D) joint glocos/physical books/BNPP joint books, Caixa, PKO BP as co-managers. No reg rights. List Lux. NY law. Tranche sizes TBD.

- EUR TBA due 2027 (7y). NC3 (MWC B+50bp) (50%, 25%, par). Equity claw: 3y 40%. 90% clean-up call. IPT: high 2s.

- US$ TBA due 2025 (5y). NC2 (MWC T+50bp) (50%, 25%, par). Equity claw: 2y 40%. 90% clean-up call. IPT: mid-high 3s.

US/European roadshow 10/12-15 (European investor call 1:30pm UKT 10/12, US investor call 10am NYT 10/13). Pricing late 10/12 week. UOP: Repay revolver ($200m), redeem private placement notes ($663m), GCP ($216m), including capex to construct a new plant in Olyphant, Pennsylvania. Biz: the issuer represents CANPACK SA's U.S. operations. CANPACK SA is a global manufacturer of high-quality aluminum cans, glass containers and metal closures for the beverage industry and steel cans for the food and chemical industries, serving customers in approximately 95 countries worldwide. It is privately-owned by Peter Giorgi via the holding company Giorgi Global Holdings Inc. HQ: Cracow, Poland.