Commentary & Deal Flow

• Issuer: Paprec Holding
• Ticker: PAPREC
• Size: EUR425m
• Format: Reg S / 144A no reg rights
• Security: Green 1stg lien Senior Secured Notes
• Issue Ratings: BB (S&P) / BB+ (Fitch) (stable/stable)
• Maturity: October-2031 (5y)
• Optional Redemption: NC2 (50/25/Par) (MWC B+50bp)
• Equtiy claw: 2y 40%
• Special call: 10% per year the first 2 years at 103
• Change of control: investor put at 101
• Listing: TISE
• Law: New York
• Denominations: 100kx1k
• Global Coordinators and Physical Bookrunners: CACIB (B&D), Natixis, SG
• UOP: Proceeds from the offering will be used to refinance the EUR421.5m 3.50% green sr sec 1st lien notes due 01-July-2028 (callable at 100) and pay certain fees and expenses in connection with the offering. An amount equivalent to the net proceeds will be allocated in accordance with the Green Bond Framework 2026.
• Biz: Family-owned waste management company, specialized in recycling and waste-to-energy activities from private and public customers, with leading positions across the waste management value chain in Europe.
• HQ: Paris, France
• Equity owners: JLPP Entrepeneurs (Petithuguerin Family) 53.8%, Vauban 20%, Bpifrancc Participation 18.5%, Credit Agricole Assurances Infratstructure 5.7%, others 2.0%.
  Marketing:
• Investor Call: Tuesday, 13-October at 10:30 UKT / 11:30 CET
• Fixed income investor meetings: Virtual meetings available 13-October – 14-October

https://evercall.co/oacc/70770
https://dealroadshow.finsight.com/e/GreenFuture26