Commentary & Deal Flow

Neinor Homes SA EUR300m 144A/Reg S Green sr sec notes due 10/15/26 (5.5y). NC2 (04/15/23) (MWC B+50bp), then at 102.250, 101.125, 100. Equity claw: 2y 40% at 104.50. NR/B+/BB (positive/stable). Via DB (B&D)/JPM jt glocos and physical books/Santander/CS jt books, BBVA, Caixa, Natixis as co-managers. DB is green structuring agent. No reg rights. List Dublin, NY law. Settles 4/29 (T+10). Regs S ISIN: XS2332219612. Price talk: 4.50%-4.75%.

Priced: 4.50% at 100. +511bp vs DBR 0% 08/15/26.

Virtual meetings 04/12-14 (Did investor call at 9:30am UKT 04/12). Books closed at 11:30am 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.