Commentary & Deal Flow

Casino Guichard Perrachon SA EUR300m Reg S sr notes due Jan 2026 (5y). NC 2 (MWC B+50bp) (50%/25%/par). Equity claw: 2y 40%. Expect Caa1/B. Via BNPP/JPM (B&D) joint physical books/CA/HSBC joint glocos/BofA/Citi/GS/Natixis/SocGen joint books. List Lux. NY law. IPT: mid 7%. Px talk: 7.25% area.

Revised px talk: 7.00% area.

Roadshow (1x1 calls) Mon-Tues (investor call at 10:30am UKT Mon). Books close at 10am UKT tomorrow. Pricing tomorrow. UOP: along with EUR200m add-on to its term loan B, the EUR648m proceeds from the EUR735m sale of Leader Price sale of stores and other assets, and EUR87m in cash available in the segregated account dedicated to debt repayment, to fund the tender offer for up to EUR1.2bn of near and medium term EMTNs (2021 to 2025). Biz: operates hypermarkets, supermarkets and convenience stores in Europe and Latin America. HQ: Saint-Etienne, France.