Commentary & Deal Flow

CANPACK Group, Inc. / CANPACK S.A. (CANPCK) around US$1.088bn (up from US$970m) equivalent EUR/US$ 144A/Reg S sr notes 2-part. NR/BB/BB (stable/negative). Citi (EUR B&D)/WFS (US B&D) jt physical books/BNP/JPM jt glocos/ING/PKO Bank Polski jt books. List Luxembourg Stock Exchange (Euro MTF). NY law. Settles 04/27 (T+7). US$120m upsize for GCP.

   - EUR500m (up from EUR400m minimum) due 01/15/32 (5.75y). NC2 (05/15/28) (MWC B+50bp), then at 102.438 05/15/28, 101.219 05/15/29, 100 05/15/30. Equity claw: 2y 40% at 104.875. CoC at 101. Pays Jan 15 and July 15, starting 07/15/206. Denoms: 100kx1k. Reg S Common Code: 335259190; Reg S ISIN: XS3352591906. IPT: 5.25%-5.50%. Price talk: 5.25%-5.50%. Revised price talk: 5.00% area (+/-12.5bp) WPIR. Launched: EUR500m at 4.875%. Priced: 4.875% at 100. +214bp vs DBR 0.00% due 02/15/32.

   - US$500m (up from US$400m minimum) due 05/15/31 (5y). NC2 (05/15/29) (MWC T+50bp), then at 103.00 05/15/28, 101.50 05/15/29, 100 05/15/30. Equity claw: 2y 40% at 106.00. CoC at 101. Pays May 15 and Nov 15, starting 11/15/26. Denoms: 200kx1k. 144A CUSIP: 13804MAA0; 144A ISIN: US13804MAA09. IPT: 6.50%-6.75%. Price talk: 6.25%-6.50%. Revised price talk: 6.00% area (+/-12.5bp) WPIR. Launched: US$500m at 6.00%. Priced: 6.00% at 100. +206bp vs 1.625% 05/15/31.

Did investor call 3pm UKT / 10am NYT 04/15. Books closed 10am NYT / 3pm UKT 04/16. UOP: redeem in full its EUR600m 2.375% sr notes due 11/01/27 (callable at 100), repay and cancel the $177m Bridge Loan, and $190m (up from $70m) for GCP. It is privately-owned by Peter Giorgi via the holding company Giorgi Global Holdings Inc. Biz: leading global manufacturer of aluminum cans, glass containers, and metal closures for the beverage, food, and chemical industries. HQ: Krakow, Poland.

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