Commentary & Deal Flow

IPTs: 5NC2: Mid-to-high 5%s

• Issuer: Egis SA
• Issuer Business: A leading global company providing services to the infrastructure industry (architecture, consulting, engineering, project management, and operations & mobility services (toll roads, railways and airports)). HQ: Saint-Quentin-en-Yvelines CEDEX, France
• Use of Proceeds (UOP): Along with cash on hand, to repay €300m bridge loan incurred to fund the acquisition of Lochner, repay €74m of €943m bank debt, and €26m for GCP and to pay transaction-related costs and expenses.
• Instrument: Senior Notes
• Offering Size: €400,000,000
• Tenor: 5 Years (5NC2)
• Call Protection: Non-callable for 2 years (NC2), with a call schedule of 50%, 25%, and Par thereafter. MWC B+50bp, Equity claw: 2y 40%. Special call: 10% per year, the 1st 2 years at 103
• Corporate Ratings: Ba2/BB- (Moody's/S&P) (stable/stable)
• Issue Ratings: Ba2/BB- (Moody's/S&P)
• Change of Control: Includes a put option for bondholders at 101% of face value.
• Denominations: €100,000 minimum with increments of €1,000.
• Distribution: Reg S / 144A
• Governing Law: New York Law
• Listing: The International Stock Exchange
• Shareholders: CDC (100% owned by the French Government) (34%), Tikehau Capital (43%), and Egis management and employees (23%).
• Global Coordinators & Joint Physical Bookrunners: BNP Paribas (B&D), BofA
• Joint Bookrunners: CACIB, Natixis, SG
• Target Market: The offering is available to Eligible Counterparties and Professional Investors only. It is not available to retail investors in the EEA or the UK.
• Timing: Could price as early as today