Commentary & Deal Flow

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SJM Intl Limited (a wholly-owned sub of and gtd by SJM Holdings Limited) (SJMHOL)) (SJMINT) US$540m Reg S Cat2 only sr notes due 01/15/31 (5y). NC2 (01/15/28), then at 103.25 01/15/28, 101.625 01/15/29, 100 01/15/30. B1/NR/BB- (negative/--/negative). Via DB (B&D)/BNP/China Intl Capital/China CITIC/UBS jt glocos and jt books/Banco Comercial Portugues/Banco Nacional Ultramarino/BoC/Bank of Communications/CBRE/China Construction Bank/CITIC Securities/ ICBC/Tai Fung Bank jt lead managers. NY law. List Hong Kong Stock Exchange. CoC at 101. Put at 100 upon loss of gaming license. Pays Jan 15 and July 15, starting 07/15/26 (30/360). Denoms: 200kx1k. Settles 01/15 (T+5). ISIN: XS3267117995. IPT: 6.875% area. Final guidance: 6.50% the #.

Priced: 6.50% at 100.

Roadshow 01/05-07. Books over US$2bn (incl $175m JLM int) at IPT. UOP: repay debt (fund the tender offer for Champion Path Holdings Limited US$500m 4.50% sr  notes due 01/27/26, $1,000 tender price, DB dealer manager), and GCP. Equity owner: Sociedade de Turismo e Diversoes de Macau (54.8%) and public float on the HKSE. Biz: casino and hotel operator in Macau. HQ: Macau.

Netroadshow direct link: https://www.netroadshow.com/nrs/home/#!/?show=5b802439. Entry code: SJM2026.