Commentary & Deal Flow

Neinor Homes SA EUR300m 144A/Reg S Green sr sec notes due 2026 (5.5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Expect NR/B+/BB. Via DB (B&D)/JPM jt glocos and physical books/Santander/CS jt books, BBVA, Caiza, Natixis as co-managers. DB is green structuring agent. No reg rights. List Dublin, NY law. Virtual meetings today-Weds (Did investor call at 9:30am UKT today). UOP: repay EUR158m of Quabit debt, EUR101m of Neinor debt, provide EUR33m for capex in the Rental Division (BTR).  Biz: leading homebuilder in Spain. HQ: Bilbao, Spain.