Commentary & Deal Flow

Maxam Prill Sarl (MXPRLL) EUR180m Reg S only private placemetn add-on to its 6.00% sr sec notes due 07/15/30 (4.5y). NC1.5 (07/02/27) (MWC B+50bp), then at 103.00, 101.50, 100. Equity claw: 1.5y 40% at 106. Special call: 10% per year the first 1.5 years at 103. NR/B+/BB- (--/stable/stable). Via GS placement agent. No reg rights. List Dublin. NY law. CoC at 101. Pays June 15 and Dec 15, starting 06/15/26. Trade date 02/26. Settles 03/06 (T+6). Reg S ISIN: XS3107119003. The original EUR790m issue priced 06/26/25. Equity sponsor: Rhone. UOP: shareholder distribution. Biz: leading global civil explosives provider. HQ: Madrid, Spain. Price terms were not disclosed.