Commentary & Deal Flow

Eroski S Coop (EROSKI) EUR500m 144A/Reg S sr sec notes due 05/15/31 (5.5y). NC2 (12/02/27) (MWC B+50bp), then at 102.875 12/02/27, 101.438 12/02/28, 100 12/02/29. Equity claw: 2y 40% at 105.75. Special call: 10% per year the first 2 years at 103. B1/BB-/BB+ (stable/--/stable). Via DB (B&D)/BBVA/Santander jt glocos/Banca March/Caixa/IMI/Kutxabank/Rabo jt books. No reg rights. List Lux. NY law. CoC at 101. Pays June 02 and Dec 02, starting 06/02/26. Denoms: 100kx1k. Settles 12/02 (T+9). Reg S ISIN: XS3195078251. IPT: 6.00%-6.25%. Price talk: 5.75%-6.00%.

Priced: 5.75% at 100.

Roadshow (1x1s) 11/17-18 (investor call 11am UKT 11/17). Books closed at 12pm UKT 11/19. 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 OSEs. 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.

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