Commentary & Deal Flow

Casino Guichard-Perrachon SA (COFP) EUR525m (up from EUR425m) Reg S sr notes due April 2027 (6y). NC2 (MWC B+50bp). (50%,25%,par). Equity claw: 2y 40%. Caa1/(expect B) (stable/--). Via BNP (B&D)/JPM jt glocos and pysical books/CA/HSBC jt t glocos/Citi/CS/GS/Natixis/Santander jt books. List Lux. NY Law. IPT: 5.50% area. Px guidance: 5.375% area (+/- 0.125%). EUR100m upsize UOP: for future debt refinancing.

Final px/upsize: EUR525m 5.25% at par.

Did investor call at 11am UKT yesterday. Virtual meetings yesterday to today (term loan launched 03/22). Books closed at 1pm today. Redonfirm orders by 2:30pm UKT today. Pricing today UK afternoon. UOP: along with EUR800m sr sec term loan B (rated B2/B) due Aug 2025 via CS/GS+, to fully redeem its existing EUR1.225bn term loan B due Jan 2024 (EUR100m upsize for future debt refinancing. Biz: operates hypermarkets, supermarkets and convenience stores in Europe and Latin America. HQ: Saint-Etienne, France.