Commentary & Deal Flow

• Issuer: Paprec Holding
• Ticker: PAPREC
• Size: EUR525m (up from EUR425m)
• Format: 144A/Reg S
• No Reg Rights: 144A/Reg S for life
• Security: Green Senior Secured Notes
• Price Progression:
  • Final terms: 6%
  • Price talk: 6% area (+/-12.5bp) WPIR
  • IPT: Low to mid 6s
• Issue Ratings: BB (S&P) / BB+ (Fitch)
• Maturity: October-2031 (5y)
• Optional Redemption: NC2 (50/25/Par) (MWC B+50bp)
• Equity claw: 2y 40% at 106
• Special call: 10% per year the first 2 years at 103
• Change of Control: CoC at 101
• Listing: TISE
• Law: New York
• Denominations: 100kx1k
• Global Coordinators and Physical Bookrunners: CACIB (B&D), Natixis, SG
• Settles: 28-October-2026
• Reg S ISIN: XS3541167311
• 144A ISIN: XS3541167402
• 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. The upsize will be used for general corporate purposes including to partially fund the Marius Pedersen acquisitions. 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.
• Ownership: JLPP Entrepreneurs (Petithuguerin Family) 53.8%, Vauban 20%, Bpifrance Participation 18.5%, Credit Agricole Assurances Infrastructure 5.7%, others 2.0%.
• HQ: Paris, France
  Marketing:
• Investor Call: Tuesday, 13-October at 10:30 UKT / 11:30 CET
• Fixed income investor meetings: Virtual meetings available 13-October – 14-October
• Books closed: 1:30pm UKT / 2:30pm CET today
• Reconfirmations were due: 3:30pm UKT / 4:30pm CET today
• Pricing: Thereafter

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