Commentary & Deal Flow

Novelis Sheet Ingot GmBH (HNDLIN) EUR500m 144A/Reg S sr Green notes due 2029 (8y). NC3 (50%,25%,par). Ratings TBC. Via JPM (B&D)/DB (logistics) jt physical books/Barc/BNP/BofA/Citi/CA/HSBC/ING/StanChart jt books, ANZ, Axis Bank, DBS, First Abu Dhabi Bank, MUFG, SMBC Nikko, SocGen, WFS as co-managers. List ISE. Virtual roadshow today-Weds (investor call at 1:15pm GMT/9:15am NYT today). UOP: along with cash on hand, to repay a portion of the 2017 term loan, with an amount equal to net proceeds allocated to finance and/or refinance new and/or existing eligible green projects. Biz: it is a wholly-owned direct subsidiary of Novelis Inc, the leading producer of flat-rolled aluminum products and the worlds largest recycler of aluminum. HQ: Atlanta, GA. Novelis In is a sub of Hindalco Industries.