Commentary & Deal Flow

Ithaca Energy (North Sea) plc (IAECN) EUR450m (up from EUR400m) 144A/Reg S sr notes due 10/01/31 (6y). NC2 (10/01/27). B1/BB-/BB- (stable/stable/stable). Via Citi/DB/JPM (B&D) jt glocos and physical books/BBVA/IMI/GS/MS jt active books/DNB/WFS jt books, ICBC, Nedbank as co-managers. No reg rights. NY law. Denoms: 100kx1k. IPT: 6.00%-6.25%. Price talk: 5.75%-6.00%. EUR50m upsize for GCP. Revised price talk: 5.625% area (+/-12.5bp). Final price talk: 5.375%-5.50% WPIR.

Priced: 5.50% at 100. +317bp vs DBR 0% 08/15/31.

Roadshow (virtual group meetings)  09/15-16 (investor call at 10am UKT 09/15). Books closed at 2:30pm (from 2pm) UKT 09/16. Reconfirms were due by 3:30pm UKT 09/16. UOP: US$190m to fund the acquisition of Cygnus, and EUR250m GCP (including paying down the US$210m drawn on its RBL and replenishment of cash used for the Japex acquisition) (EUR50m upsize for GCP). Biz: oil and gas E&P in the North Sea. HQ: Aberdeen, UK.

Netroadshow link: https://www.netroadshow.com/events/login/LE9zwo4Ax6BlpWLACLfMoyY6nWWKOFxe1VX.