Commentary & Deal Flow

CT Investment GmbH (CBR Fashion Group) (CBRSER) EUR470m 144A/reg S sr sec notes due 04/15/26 (5y). NC2 (MWC B+50bp), then at 102.75, 101.375, 100. Equity claw: 2y 40% at 105.50. Special call: 10% per year the first 2 years at 103.00. B2/B (stable/stable). Via JPM sole gloco (B&D)/CS/DB/GS/UniCredit jt books. No reg rights. List ISE. NY law. Settles 04/29 (T+6). Reg S ISIN: XS2336345140. IPT: high 5s. Px talk: 5.50%-5.75%. Final px: 5.50%.

Priced: 5.50% at 100. +612bp vs OBL 0% 04/10/26.

Virtual roadshow Mon-Weds (investor call at 11am UKT Mon). Books closed at 2pm 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, Equity sponsor: Alteri Investors. Biz: leading women's mainstream fashion company. HQ: Kirchhorst, Iserhagen, Germany.