Commentary & Deal Flow

Repsol E&P Capital Markets US LLC (REPSEP), exp BBB+/BBB+ (s/s) by S&P/Fitch, US$ benchmark 144A/Reg S no reg rights 3-part sr notes (3y FXD due 9/16/28, 5y FXD due 9/16/30 and 10y FXD due 9/16/35). MWC then 1mo par call on 3y, 1mo on 5y and 3mos on 10y. 101 CoC (linked to rating event - downgrade to sub IG). Citi/GS (B&D)/JPM as JGCs. Citi/GS (B&D)/JPM/HSBC as JBRs. BofA/Sant/WFS as Co-Leads. Guarantor: Repsol E&P Sarl. Guarantor Ratings: BBB+ (s) / BBB+ (s) by S&P/Fitch. Denoms: 200,000 x 1,000. Sale into Canada: Yes via exemption. UOP: refinance intercompany indebtedness. Pricing 9/9. Settle 9/16 (T+5). 144A CUSIP: 3y: 76026AAA5, 5y: 76026AAB3, 10y: 76026AAC1. 144A ISIN: 3y: US76026AAA51, 5y: US76026AAB35, 10y: US76026AAC18. IPTs: 3y T+162.5 area, 5y T+187.5 area, 10y: T+225-237.5.