Commentary & Deal Flow

+++Updates roadshow/investor call timing (investor call 9am UKT tomorrow)+++

Foncia Management SAS EUR650m notes 2-part. Via DB (B&D)/BNP/GS/Natixis jt physical books/BofA/CA/HSBC/ING/SMBC Nikko/UniCredit jt books, CS as co-manager. List ISE. NY law.

- Foncia Management SAS EUR400m sr sec notes due 2028 (7y). NC3 (50%,25%,par). Special call: 10% per year the first 3 years at 103. B2/B/B+ (negative/stable/stable).

- Flamingo Lux II SCA EUR250m sr notes due 2029 (8y). NC3 (50%,25%,par). Caa1/CCC+/CCC+ (negative/stable/stable).

Roadshow starts today (investor call tomorrow at 9am UKT tomorrow (Tues)). Pricing mid/late this week. UOP: along with EUR1.275bn term loan via BNPP/GS/Natixis jt physical books+, to refinance its existing EUR1.187bn term loan B, paydown $120m drawn on its revolver, fund EUR110m in acquisitions closing in the first half of 2021, pay EUR475m dividend. Equity sponsor: Partners Group.Biz: leading European residential real estate services provider to individuals and businesses. HQ: Antony, France.