Commentary & Deal Flow

Sarens Finance Co NV EUR300m Reg S sr notes due 2027 (7y). NC3 (50%/25/5par). Expect NR/B+/B+. Via BNPP/ING (B&D) joint physical books/Commerz/KKR joint books. List ISE. NY law. Settles T+11. Reg S ISIN: BE6318634548. Roadshow Feb 03-06 (Mon London West End, Tues London City, Weds Paris, Thurs Amsterdam/Frankfurt. UOP: refinance esixting EUR250m 5.875% sr notes due 2022 at 100, partial repayment of RCF. Biz: Sarens Bestuur NV provides heavy lifting, complex project transport and specialized crane rental services. HQ: Wolvertem, Belgium.