Commentary & Deal Flow

MKS Inc (MKSI) EUR1bn 144A/Reg S sr notes due 2034 (8y). NC3 (MWC B+50bp) (50%/25%/par). Equity claw: 3y 40%. Ba2/BB-/BB (stable/stable/stable). Via JPM/ BofA/HSBC/Miz/MS/PNC/UBS/Barc/Citi/Citizens/TD jt books. No Reg Rights. Denoms 100k x 1k. List ISE. NY law. CoC at 101. Reg S ISIN: XS3281721863. IPT: 4.75% - 5.00%.

Price talk: 4.50%-4.75%.

Did investor call 3pm UKT 01/26. Books close at 12pm UKT 01/28. Pricing 01/28 UK afternoon (term loan commitments due 01/28 (US$ at 10am NYT, EUR at 12pm UKT)). UOP: Along with a new term loan B ($914m and EUR587m) and $100m cash on hand, to prepay approximately $1.274bn of its existing $2.188bn USD Term Loan B and refinance the remaining $914m, and refinance in full the existing EUR587m EUR Term Loan B. Biz: MKS delivers foundational technology solutions to semiconductor manufacturing, electronics and packaging, and specialty industrial applications. HQ: Andover, MA.