Commentary & Deal Flow

Emerging markets: AIR Limited (AIR Global) ("AIIR") (Ba3/BB- (s/s)) US$425m (up from US$400m) 144A/Reg S 5NC2 FXD sr unsec notes due 09/29/31. MWC (during the non-call period) and equity claw back, then par + 50% coupon call (09/29/28), par + 25% coupon call (09/29/29) and par call (09/29/30). Citi (B&D)/GS joint global coordinators and joint bookrunners. Cantor Fitzgerald/DB joint lead managers and joint bookrunners. Gtd by AIR Global Plc (US-listed Topco) and other material subsidiaries and group entities representing at least 80% of consolidated Group EBITDA / Net Revenue and total assets. Denoms: 200,000 x 1,000. UoP: Refinancing of existing debt and to cover transaction related fees and expenses. Governing Law: New York. Listing: TISE. Settle 09/29 (T+4). 144A CUSIP/ISIN: 00914RAA3/US00914RAA32. Reg S ISIN: XS3520700090. IPTs: 8.250-8.500%.
Final terms: US$425m, yield 8.125% the number (7.875% coupon).

Books subject 3pm UKT / 10am NYT 09/23. Pricing 09/23 UK afternoon. Books over US$850m (including US$20m JLM interest). UOP: (i) to repay amounts outstanding under its term loan facility and revolving credit facility, including any accrued and unpaid interest, premiums, fees and expenses payable in connection with such repayment, and (ii) for general corporate purposes, including the payment of fees and expenses incurred in connection with the Offering. Biz: Founded in 1999 and headquartered in Dubai, AIR is a global consumer brands and innovation company with a presence in more than 90 markets worldwide. Its portfolio reaches millions of adult consumers across social inhalation and modern nicotine categories through brands including Al Fakher (flavored shisha molasses), Crown Switch (closed system pod vaping platform), Crown Gems, and Al Fakher nicotine pouches.

+++This emerging markets debut issue is being run off the London EM desk with marketing to US high yield accounts as well+++