Commentary & Deal Flow

+++Updates S&P rating (confirmed at BB-. The existing issuer credit rating is on CrediWatch positive with the expectation to raise it to BB- from B+ once the refinancing is completed. Also adds more detail on the UOP+++

Eroski S Coop (EROSKI) EUR500m 144A/Reg S sr sec notes due 2031 (5.5y). NC2 (50%,25%,par). (Expect B1)/BB-/BB+ (--/--/stable). Via DB (B&D)/BBVA/Santander jt glocos/Banca March/Caixa/IMI/Kutxabank/Rabo jt books. No reg rights. List Lux. NY law. Denoms: 100kx1k. Roadshow (1x1s) 11/17-18 (investor call 11am UKT 11/17). UOP: along with a EUR370m term loan A and cash on hand, to refi its capital structure, including redeeming its EUR500m 10.625% sr sec notes due 04/30/29 (callable at 105.313), repay its EUR73m term loan A-1, EUR42.5m term loan A-2, EUR57m loan 15 and repay its EUR209m sub FRN due 02/01/28. Biz: Spanish grocer cooperative in Spain, and a leading food retailer in Spain with Number 1 positions in the attractive region of Northern Spain. HQ: Elorrio, Spain.

Netroadshow registration ink: https://www.netroadshow.com/events/login/LE9zwo3lV0zlfacaPaL63vWqPTFrRjIiCJ6

Slide Link: www.netroadshow.com/nrs/home/#!/?show=65c14b7a CODE: SlidesHelmuga2.