Commentary & Deal Flow

Final Terms:
5NC2: €475m @ 5.375%
7NC3: €325m @ 5.875%
Price Talk: 5NC2: 5.375%a (+/- 12.5bp) 7NC3: +50bp
IPTs: 5NC2: Mid 5%s 7NC3: +50bp

• Issuer: Derichebourg S.A.
• Business: Leading global provider of waste recycling, mainly metal and public sector services
• UoP: Repay the bridge facility in the context of the acquisition of Scholz's shares, refinance certain Derichebourg indebtedness, GCP and pay transaction related costs and expenses
• Corporate Ratings (S/F): BB (Stable) / BB (Stable)
• Instrument Ratings (S/F): BB / BB
• Currency: €
• Instrument: Green Senior Unsecured Notes
• Total Offering Size: €800,000,000
• Tranche Size:
  • 5NC2: €475,000,000
  • 7NC3: €325,000,000
• Tranche:
  • 5NC2: 5NC2 (Sep-31)
  • 7NC3: 7NC3 (Sep-33)
• Final Terms:
  • 5NC2: 5.375%
  • 7NC3: 5.875%
• Tenor:
  • 5NC2: 5 Years (2031)
  • 7NC3: 7 Years (2033)
• Call Protection:
  • 5NC2: NC2, 50%, 25%, par
  • 7NC3: NC3, 50%, 25%, par
• Change of Control: Put @ 101
• Distribution: Reg S
• Denominations: €100k x €1k
• Listing: The International Stock Exchange
• Governing Law: New York
• Left Lead & Sole Bookrunner: BNP Paribas (B&D)
• Joint Managers: CACIB, CIC, Natixis, SG
• Target Market: Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or in the UK.
• Timing: Reconfirm today at 12:15 UKT, Pricing thereafter
• GIC Registration Link: https://www.netroadshow.com/events/login/1PeTHmojK6GHR1rUR24qp7ny9IAeWi31fMIE4