Commentary & Deal Flow

 Energean plc (ENOGLN) EUR400mm 144A/Reg S senior secured notes due 05/12/31 (5.5y). NC2 (10/01/27) (MWC B+50bp), then at 10/01/27 at 102.8125, 10/01/28 at 101.4063, 10/01/29 and thereafter at 100. Equity claw: 2y 40% at 105.625. Special call: 10% per year the first 2 years at 103. NR/BB-/BB (--/stable/stable). Via JPM (B&D)/MS/GS jt physical and active books/ING/Natixis/Eurobank/IBI jt books. No reg rights. List ISE NY law. CoC at 101. Denoms: 100kx1k. Pays May 15 and November 15, starting 05/15/26. Reg S ISIN: XS3223933261. Settles 11/10 (T+8). PT: 6.25% area. Price talk: 5.875% area. Launched: at 5.625%.

Priced: 5.625% at 100. +340bp vs DBR 0.00% 02/15/31.

Did investor calls 10/27-28 (investor call 10:30am UKT 10/27). Books closed at 2:30pm UKT 10/29. Reconfirms were due by 3pm UKT 10/29. UOP: refinance Energean’s existing US$450m 6.50% sr notes due 04/30/27 (callable at 100), and EUR9m  cash to the B/S. Biz: a European oil and gas E&P company. HQ: London, UK.

Netroadshow link: https://www.netroadshow.com/events/login/LE9zwo49B5iTnq7M52mN102D6i7TfrTAFDl