Commentary & Deal Flow

Breakwater Energy Holdings Sarl $800m 144A/Reg S sr sec notes due 2030 (5y). NC2 (50%,25%,par). Special call: 10% per year the 1st 2 years at 103. B1/-- (stable/--). Via JPM sole physical books/GS/MS/Citi jt books, EIG as co-manager. No reg rights. NY law. CoC at 101. Denoms: 250kx1k. 

IPT: low 9s.

Roadshow (small group calls) 11/03-05 (investor call at 11am NYT 11/03). Pricing 11/06. UOP: pay in full the remaining $705m deferred purchase price consideration, pay a $75m distribution to shareholders. Equity sponsor: EIG partners. Biz: Breakwater is the investment vehicle supporting EIG Partner’s 25% ownership interest in Repsol E&P, the upstream oil and gas business of Repsol S.A. (total consideration for the 25% non-operated minority interest in Repsol E&P was $4.8bn) that was converted into a Joint Venture in 2023. HQ: Luxembourg (Repsol SA is headquartered in Madrid, Spain). 

Deal Roadshow link: https://dealroadshow.com/e/BREAK2025 (available now).