Commentary & Deal Flow

DeepOcean Ltd (DEEPOC) EUR450m 144A/Reg S sr sec notes due 2031 (5.5y). NC2 (50%,25%,par). (Expect B1)/BB-/(expect BB-) (--/stable/--). Via JPM (B&D)/GS/DNBC/SB1 Mkts (Sparebank) jt glocos and physical books. No reg rights. List ISE. NY law. Denoms: 100kx1k. IPT: high 6s.

Price guidance: 6.50%-6.75%.

Roadshow (virtual group meetings) 09/22-24 (investor call at 3:30pm 09/22). Pricing 09/24. UOP: Refinancing of existing debt and shareholder distribution. Biz: Global leader in ocean solutions, serving the most attractive subsea end-markets with a comprehensive suite of services. HQ: Oslo, Norway.

Netroadshow direct link: http://www.netroadshow.com/nrs/home/#!/?show=e1f5fa6b. Entry code: dove25.