Commentary & Deal Flow

CT Investment GmbH (CBR Fashion Group) EUR470m 144A/reg S sr sec notes due 2026 (5y). NC2 (MWC B+50bp). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103.00. Via JPM sole gloco (B&D)/CS/DB/GS/UniCredit jt books. No reg rights. List ISE. NY law.

IPT: high 5s.

Virtual roadshow today-Weds (investor call at 11am UKT today). UOP: along with cash on hand, to redeem its EUR450m 5.125% 1st lien notes due 10/01/22 (callable at 101.281), to repay EUR20m bridge facility, Biz: leading women's mainstream fashion company. HQ: Iserhagen, Germany.