Commentary & Deal Flow

FR Bondco (Picard) (PICSUR) EUR280m 144A/Reg S sr notes due 10/31/32 (7y). NC3 (10/31/28) (MWC B+50bp), then at 103.4375 10/31/28, 101.71875 10/31/28, 100 10/31/30. Equity claw: 3y 40%. Caa1/CCC+/CCC+ (stable/stable/stable). Via BNP/HSBC (B&D) jt glocos and physical books/GS jt books. No reg rights. List ISE. NY law. CoC at 101. Pays Jan 01 and July 01, starting 07/01/26. Denoms: 100kx1k. Settles 11/19 (T+9 US). Reg S ISIN: XS222747266. IPT: low 7s. Price talk: 7.00% area (+/- 0.125%).

Priced: 6.875% at 100. +443bp vs DBR 2.50% 11/15/32.

Roadshow (virtual) 11/03-04 (investor call at 10:30am 11/03). Books closed at 1pm UKT 11/05. UOP: along with cash on hand, to fund the tender offer for Picard Bondco's EUR310m 5.375% (currently paying .50%) sustainability-linked sr notes due 07/01/27 held pursuant to Reg S (144A notes are not eligible) (purchase price of 100.200). Notes not tendered will be called on 01/01/26 at par, or at the current call price of 101.344, or at the tender offer price if 90% or more of the notes are purchased in the tender offer. Dealer managers: BNP/HSBC). Equity sponsors: the Zouari family (50.2%) and ICG (through IGZ) (49.7%). Biz: FR Bondco is an indirect shareholder of Picard Bondco, a leading retailer of frozen food products in France. HQ: Issy-les-Moulineaux, France. 

Investor call registration: https://evercall.co/oacc/19610.

DealRoadshow link: https://dealroadshow.com/e/PICARD25GIC.