NEW ISSUE: Loxam EUR1.05bn 5NC2 and L6NC2 sr sec notes 2-part on the road
HYC European Market: Deal Flow - General
Issuer
Term
Call
Maturity
Size
Ranking
Type
LOXAM
5yr
2y
Jul-31
bmk
Snr Sec
Fixed
LOXAM
L6yr
2y
2033
bmk
Snr Sec
Fixed
Issuer:Loxam S.A.S. (Ticker LOXAM)
Business: Largest European equipment-rental group for the construction, industry, public works, services, and events & media sectors. HQ: Paris, France.
Use of Proceeds: along with EUR31m cash on hand, EUR303m to finance the acquisition of 50.3% controlling stake in Mills Group (R$16.00 per share, R$3.8bn total equity value, R$4.9bn total enterprise value), refinance existing EUR350m 4.50% sr sec notes due 02/15/27 (callable at 101.125) and EUR400m 6.375% sr sec notes due 05/15/28 (callable at 101.50), and pay related fees and expenses (EUR303m will be placed in escrow pending completion of the Mills acquisition). (Acquisition announced 05/25/26)
Corporate Ratings: BB- (stable) (S&P)
Issue Ratings: BB- (S&P)
Instrument: Senior Secured Notes
Offering Size: €1,050,000,000 to be split across tranches
Tenor: 5 years (2031) / Long 6 years (2033)
Call Protection: NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 45%. Special call: 10% per year the first 2 years at 103 / NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 45%. Special call: 10% per year the first 2 years at 103.
Change of Control: Put @ 101
Format: 144A/Reg S No reg rights
Denominations: €100k x €1k
Listing: Official List of The International Stock Exchange
Governing Law: New York Law
Settlement: 22-Jul-26
Bookrunners:
Lead Left Physical Bookrunner: BNPP (B&D)
Joint Global Coordinators and Joint Physical Bookrunners: BNPP, DB
Joint Global Coordinators and Joint Bookrunners: CACIB, Natixis
Target Market: MiFID II professionals/ECPs-only/No PRIIPs KID – Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA.
Marketing Schedule:
Global Investor Call: 6-Jul-26 at 10:00 UKT / 11:00 CET