Commentary & Deal Flow

Isotope FinCo Sàrl (EUR co-issuer) / Isotope FinCo 2 LLC (US$ co-issuer) (Intertek) (ITRKLN) EUR/US$ (now approx £900m equivalent, up from £865m equivalent) 144A/Reg S sr sec notes 2-part.  B1/BB-/BB- (stable/stable/positive). Via Barc/CA/DB (B&D EUR)/MS (B&D US$) jt glocos/BofA/BNP/HSBC/Jeff/Miz/MUFG/NatWest/BBVA/Bank of China/Citi/ING/SMBC/SMBC Nikko/StanChart jt books. No reg rights. NY Law.

    - EUR435m (approx £375m equivalent, up from £345m equivalent) sr sec notes due 2033 (7y). NC3 (MWC B+50bp) (50%, 25%, par). Equity claw: 3y 40%. Special call: 10% per year the 1st 3 years at 103. IPO call: the first 3 years for all or a portion at 102. Asset sale call for the first 3 years at 102. List ISE. CoC at 101. Denoms: 100kx1k. IPT: 6% area. Price talk: 5.50% - 5.75%.

    - US$700m (approx £525m, up from £520m equivalent) sr sec notes due 2033 (7y). NC3 (MWC B+50bp) (50%, 25%, par). Equity claw: 3y 40%. Special call: 10% per year the 1st 3 years at 103. IPO call: the first 3 years for all or a portion at 102. Asset sale call for the first 3 years at 102. List ISE. CoC at 101. Denoms: 200kx1k. IPT: low 7s. Price talk: 7.25% area (+/- 12.5bps).

Investor call at 3pm UKT / 10am NYT 23-Sept. Small group meetings Sept 23-24. Books close 3.00pm UKT / 10.00am ET 25-Sept. Pricing 25-Sept afternoon. UOP: along with GBP3.565bn equivalent (EUR GBP1.34bn equivalent, USD GBP2.015bn equivalent and separately placed AUD GBP210m equivalent) term loan B and GBP6.4bn equity contribution, to finance the acquisition of the entire share capital of Intertek by EQT (76%), ADIA (16%), Mubadala (8%) for GBP9.3bn in cash (GBP10.7bn enterprise value), refinance GBP1.176bn existing Intertek net debt (GBP1.58bn less GBP400m cash on hand), and fund GBP35m cash on balance sheet. Equity Sponsors: EQT, ADIA, Mubadala. Biz: One of the leading Assurance, Testing, Inspection, and Certification providers, delivering mission-critical, non-discretionary services to its customers, helping them to ensure product safety, quality and compliance with regulatory and industry standards. HQ: London, UK. (Acquisition announced 18-June-2026).

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