Commentary & Deal Flow

+++Corrects headline: E400m (not E340m)+++

Casino Guichard-Perrachon SA (COFP) EUR400m (up from 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%. Price talk: 7.25% area. Revised price talk: 7.00% area. Revised px talk 6.75%-7.00%.

Launched: EUR400m at 6.625%.

Roadshow (1x1 calls) 12/14-15 (investor call at 10:30am UKT 12/14). Books closed at 10:30am UKT today. Reconfirm orders by 2pm UKT today. Pricing today. 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 EUR1.3bn (up from 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.