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by Pankti Antani

Jun 24, 2026 4:16 PM ET

PRICED: Castrol US$1bn equiv sr sec notes, $500m 7NC3 at 6.125%; €435m 7NC3 at 5%

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

Ticker	Security	Term	Tranche Size	IPT	Price Talk	Launched	Priced	IPT-Pxd
SPMOTN	6.125% Senior Secured Notes due 2033	7NC3	US$500m	Mid to High 6s	6.25%-6.5%	$500m at 6.125%	6.125% at 100.	-50
SPMOTN	5% Senior Secured Notes due 2033	7NC3	€435m	Mid to High 5s	5%-5.25%	-	5% at 100.	-62.5

Security: 6.125% Senior Secured Notes due 2033
Price Progression:
- Priced: 6.125% at 100. +184bp vs UST 4.25% May-2033
- Launched: $500m at 6.125%
- Price talk: 6.25%-6.5%
- IPT: Mid to High 6s
Spread to Benchmark: +184bp
Benchmark: UST 4.25% Due May 2033
Tranche Size: US$500m
Issue Ratings: Ba3/BB-/BB+ (stable/stable/stable)
Maturity: 15-July-2033 (7y)
Optional Redemption: NC3 (15-July-2029) (MWC T+50bp)
- 15-July-2029: 103.0625
- 15-July-2030: 101.53125
- 15-July-2031: 100.000
Equity claw: 3y 40% at 106.125
Special call: 10% per year the 1st 3 years at 103
Change of Control: CoC at 101
Payment dates: 15-July and 15-January of each year commencing 15-January-2027
Denominations: 200kx1k
Reg S CUSIP: G8526LAA2
Reg S ISIN: USG8526LAA29
144A CUSIP: 86185LAA7
144A ISIN: US86185LAA70

Security: 5% Senior Secured Notes due 2033
Price Progression:
- Priced: 5% at 100. +230bp vs DBR 2.3% February-2033
- Price talk: 5%-5.25%
- IPT: Mid to High 5s
Spread to Benchmark: +230bp
Benchmark: DBR 2.3% Due February 2033
Tranche Size: €435m
Issue Ratings: Ba3/BB-/BB+ (Moody's/S&P/Fitch)
Maturity: 15-July-2033 (7y)
Optional Redemption: NC3 (15-July-2029) (MWC B+50bp)
- 15-July-2029: 102.5
- 15-July-2030: 101.25
- 15-July-2031: 100.000
Equity claw: 3y 40% at 105
Special call: 10% per year the 1st 3 years at 103
Change of Control: CoC at 101
Payment dates: 15-July and 15-January of each year commencing 15-January-2027
Denominations: 100kx1k
Reg S Common Code: 341595878
Reg S ISIN: XS3415958787
144A Common Code: 341595886
144A ISIN: XS3415958860

Listing: The International Stock Exchange
Law: New York
Physical Bookrunners:
- US$: WFS
- EUR: UBS
Joint Global Coordinators: UBS, WF, BNP, GS
Joint Bookrunners: HSBC, MIZ, MUFG, SANT, SMBC, CACIB, TD, DB, SCOT
Settles:
- US$: 13-July-2026 (T+12)
- EUR: 13-July-2026 (T+13)
Trade Date: 24-June-2026
UOP: Along with US$1.75bn and €870m TLBs, fund the acquisition of a 65% interest in Castrol by Stonepeak and CPPIB from BP plc for a total enterprise value of US$10.1bn (total equity value of $8.164bn). BP will retain a 35% stake in Castrol ($2bn rollover equity) and there is $1.759 rolled JV minority interest. Stonepeak and CPPIB will provide $2.734bn in cash equity (CPPIB will provide up to US$1.05bn in cash equity for a 30% stake in the ultimate parent company SP ParenCo with Stonepeak owning the other 70%). (Acquisition announced 15-January-2026).
Equity sponsor: Stonepeak, CPPIB
Biz: Leading independent global player in the finished lubricants and fluids industry across 150+ countries and serving more than 200M customers
HQ: Pangbourne, UK
Marketing:
Roadshow: 23-24-June-2026
Books closed:
Reconfirmations were due: US$: 24-June-2026 12pm NYT
- US$: 24-June-2026 10:30am NYT
- EUR: 24-June-2026 3:30pm UKT
FTT:
- US$: TBD
- EUR: 25-June-2026 8:00am GMT
ToE:
- US$: 24-June-2026 1:38pm ET
- EUR: 24-June-2026 6:38pm GMT