Commentary & Deal Flow

Final terms 5NC2: €450m @ 5.125%
Final price talk: 5NC2: 5.25% area (+/- 0.125%)
IPTs: 5NC2: Mid-to-high 5%s

• Issuer: Egis SA
• Ticker: EGIS
• 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 EUR300m bridge loan incurred to fund the acquisition of Lochner, repay EUR124m (up from EUR74m) of EUR943m bank debt, and EUR26m for GCP (EUR50m upsize to partially repay term loan).
• Instrument: Senior Notes
• Offering Size: €450,000,000 (up from €400,000,000)
• Tenor: 5 Years May 2031 (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: Allocation to follow shortly