Commentary & Deal Flow

BK LC Lux Finco 1 Sarl (Birkenstock) EUR430m 144A/Reg S sr notes due 2029 (8y). NC3 (50%,25%,par). Caa1/CCC+ (stable/stable). Via GS/CS/Citi/HSBC/Commerz/CA jt books. List ISE. NY law. Roadshow 04/20-26 (investor call at 3pm UKT Tues). UOP: along with EUR1.075bn equivalent (EUR325m and US$ EUR750m equivalent) sr sec term loan B, EUR275m vendor loan, to finance the acquisition of Birkenstock by L Catterton. The sponor will contribute EUR2bn in equity. Biz: designer and manufacturer of footwear. HQ: Neustadt, Germany.