Commentary & Deal Flow

US$ Nordic market: HMH Holding BV US$200m sr sec notes due 12/17/28 (3y). NC1.5 (06/17/27) (MWC - discount rate of 3.932%) thereafter callable at 103.938 /101.969% of par (par + 50/25%) after 18/24 months, respectively and 100.50% last six months (in whole or in parts). IPO call: 1.5y 40% at 103.938 (the first call price). Via DNBC (B&D)/Nordea/Arctic/Pareto jt books. List Euronext ABM. Norwegian law. CoC at 101. Pays June 17 and Dec 17, starting 06/17/26. Denoms: 200kx200k. Trade date 12/05. Settles 12/17 (T+8). Temporary ISIN: NO0013700047; ISIN: NO0013700039. IPT: 8.00%-8.25%. Guidance: 7.875%-8.00% (WPIR). Final terms: US$200m 7.875% at par.

Priced: 7.875% at 100.

Investor meetings began 12/02. Books closed 5pm CET 12/04. UOP: redeem its existing $200m sr sec notes due 11/16/26 (ISIN NO0013063495) at 103.292, and GCP. Biz: a premier drilling solutions provider, which was formed as an independent company in October 2021 through the merger of Baker Hughes' (NYSE: BKR) Subsea Drilling Systems business and Akastor ASA's (Aker ASA) wholly owned subsidiary, MHWirth AS (50%-50% ownership between Aker ASA and Baker Hughes). HQ: Amsterdam, Netherlands (operational centers Kristiansand, Norway and Houston, TX).