Commentary & Deal Flow

Via Celere Desarrollos Inmobiliarios SA (CELDES) EUR300m 144A/Reg S Green sr sec notes due 2026 (5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. --/B+/BB (--/stable/stable). Via JPM (B&D)/DB joint glocos & physical books/CS/Santander/Caixa/BBVA/Sabadell joint books. JPM green structuring Agent. List Dublin. IPT: high 5s to 6%. Price talk: 5.50%-5.75%.

Revised price talk: 5.375% area.

Virtual meetings 03/15-17 (Investor call at 11am UKT 03/15). Books close at noon UKT today. Pricing today UK afternoon. UOP: GCP, including repaying EUR120m of various bank debt, and $173.5m cash on the B/S. An amount equal to the net proceeds from the Offering is intended to be allocated to Eligible Green Projects. Biz: a leading developer of residential homes in Spain. HQ: Madrid, Spain.