Commentary & Deal Flow

***Updates with full maturity date+++

Novelis Sheet Ingot GmbH (HNDLIN) EUR500m 144A/Reg S sr Green notes due 04/15/29 (8y). NC3 (MWC B+50bp), then at 101.6875, 100.8438, 100. Equity claw: 3y 40% at 103.375. B1/BB- (stable/stable). 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. No reg rights. List ISE. NY law. Settles 03/31 (T+5). Reg S ISIN: XS2326493728. IPT high 3s to 4%. Price talk: 3.50%-3.75%. Final pricing: 3.375%.

Priced: 3.375% at 100. +388bp vs DBR 0.25% 02/15/29.

Virtual roadshow 03/22-24 (investor call at 1:15pm GMT/9:15am NYT 03/22). Books closed at 1pm UKT today. Reconfirms were due by 2:15pm UKT today. UOP: along with cash on hand, to repay a portion ($595m) of the $1.728bn 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 world's largest recycler of aluminum. HQ: Atlanta, GA. Novelis In is a sub of Hindalco Industries.