Commentary & Deal Flow

+++Updates call structure details+++

DeepOcean Ltd (DEEPOC) EUR480m (up from EUR450m) 144A/Reg S sr sec notes due 2031 (5.5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. IPO claw: any time for 100% at 102. Special call: 10% per year the first 2 years at 103. B1/BB-/BB- (stable/stable/stable). Via JPM (B&D)/GS/DNBC/SB1 Mkts (Sparebank) jt glocos and physical books. No reg rights. List ISE. NY law. CoC at 101. Denoms: 100kx1k. IPT: high 6s. Price guidance: 6.50%-6.75%. EUR30m upsize for GCP, including the potential repayment of a Vendor Loan Note.

Price talk: 6.25%-6.50%.

Roadshow (virtual group meetings) 09/22-24 (investor call at 3:30pm 09/22). Books coset at 1:30pm UKT 09/24. Pricing 09/24 UK afternoon. UOP: along with $45m cash on hand, to refinancing existing debt (US4105m term loan, and US$80m to pay down its revolver in full) and US$370m shareholder distribution (EUR30m upsize for GCP, including the potential repayment of a Vendor Loan Note). 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.