Commentary & Deal Flow

+++Corrects Moody's outlook: negative (not stable)+++

Foncia EUR650m 144A/Reg S 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. No reg rights.

    - Foncia Management SAS EUR400m sr sec notes due 2028 (7y). NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. Special call: 10% per year the first 3 years at 103. B2/B/B+ (negative/stable/stable). IPT: 3.50% area. Px talk: 3.25%-3.50%.

    - Flamingo Lux II SCA EUR250m sr notes due 2029 (8y). NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. Caa1/CCC+/CCC+ (negative/stable/stable). IPT: 5.25%-5.50%. Px talk: 5.25% area.

Roadshow started 03/15 (investor call at 9am UKT 03/16). Books close at 12pm UKT today. Pricing today UK afternoon. 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.