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. Settles 10/26 (T+7).

- EUR600m due 2027 (7y). NC3 (MWC B+50bp) (50%, 25%, par). Equity claw: 3y 40%. 90% clean-up call. IPT: high 2s. Price talk: 2.50% area. Launched: EUR600m at 2.375%.

- US$400m due 2025 (5y). NC2 (MWC T+50bp) (50%, 25%, par). Equity claw: 2y 40%. 90% clean-up call. IPT mid-high 3s. Price talk: 3.25% area. Launched: $400m at 3.125%.

US/European roadshow 10/12-15 (European investor call 1:30pm UKT 10/12, US investor call 10am NYT 10/13). Books close: EUR at 9am NYT/2pm UKT today, USD at 10am NYT/3pm UKT today. Pricing today. 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.