Commentary & Deal Flow

Parts Europe SA (formerly Autodis SA) (AUTODI) EUR280m 144A/Reg S add-on to its 6.50% sr sec 1st lien notes due 07/16/25 (4.67y). NC1.25 (01/15/22) (MWC B+50bp), then at 103.25, 101.625, 100. Equity claw: 1.25y 40% at 106.50. Special call: 10% per year at 103 the first 1.25 years. Caa1/B- (positive/negative). Via BNPP (B&D)/SocGen jgcs/Citi/CS/GS/JPM joint books. No reg rights. List ISE. NY law. 100x1. Settles 10/29 (T+7). Reg S ISIN: XS2205088896. Immediately fungible upon settlement with the EUR300m issue priced 07/08/19. Px talk: 100.50-101.00.

Priced: 6.50% at 101.00, 6.249% YTM. +708bp vs DBR 1% 08/15/25.

Did investor call at 12:30pm UKT yesterday, 1-on-1s yesterday/today. Books closed at 2pm UKT today. UOP: fully redeem its remaining EUR138m E+550bp sr sec FRN due 05/01/22 at 100, and partially redeem EUR139m of its EUR443m E+437.5bp sr sec notes due 05/01/22 at 100. Equity sponsor: Bain Capital. Biz: Omni-channel distributor of light vehicle and truck spare parts and truck repair serving the automotive independent after market in Western Europe, mainly active in France, Benelux, Italy and Spain. HQ: Arcueil, France.