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Commentary & Deal Flow

PX TALK: CANPACK US$970m equiv sr notes, $400m 5NC2 6.25-6.50%; E400m 5.75NC2 5.25-5.50%, pxg tomorrow

HYC European Market: Deal Flow - GeneralHYC US Market: Deal Flow - General

CANPACK Group, Inc. / CANPACK S.A. (CANPCK) US$970m equivalent EUR/US$ 144A/Reg S sr notes 2-part. BB/BB (stable/negative). Citi (EUR B&D)/WFS (US B&D) jt physical books/BNP/JPM jt glocos and jt books/ING/PKO Bank Polski jt books. List Luxembourg Stock Exchange (Euro MTF). NY law. Settles 04/27 (T+7).

   - EUR400m minimum due 01/27/32 (5.75y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. CoC at 101. Denoms: 100kx1k. IPT: 5.25%-5.50%. Price talk: 5.25%-5.50%.

   - US$400m minimum due 04/27/31 (5y). NC2 (MWC T+50bp) (50%,25%,par). Equity claw: 2y 40%. CoC at 101. Denoms: 200kx1k. IPT: 6.50%-6.75%. Price talk: 6.25%-6.50%.

Global Investor Call 3pm UKT / 10am EST 04/15. Books close 10am NYT / 3pm UKT 04/16. Pricing 04/16. UOP: redeem in full existing 2.375% EUR sr notes due 2027 including accrued and unpaid interest, repay and cancel the Bridge Loan, pay fees, costs and expenses, and GCP. Biz: leading global manufacturer of aluminum cans, glass containers, and metal closures for the beverage, food, and chemical industries. HQ: Krakow, Poland.

NetRoadshow registration link: https://www.netroadshow.com/events/login/LE9zwo3jkAhMxWvbnaEAdBxxn1xl2YoPj1j. Dial-in: US Local +1 678 974 1374; US Toll-Free +1 844 386 0635; Access Code: 147252.