Commentary & Deal Flow

Oriflame Investment Holding Plc EUR709m equivalent (US$/EUR) 144A/Reg S sr sec notes 2-part. B1/B+/BB- (stable/stable/stable). Via GS/SEB jt glocos and physical books/HSBC jt books, ING as co-manager. List ISE, NY law. No reg rights.

- USD550m expected size fixed-rate notes due 2026 (5y). NC2 (MWC T+50bp) (50%,25%,par). Equity claw: 2y: 40%. IPT: mid 5% area. Final px: 5.125%.

- EUR250m expected size FRN due 2026 (5y). NC1 (MWC B+50bp) (101,par). IPT: E+450-475bp. Final px: 3moE+425bp.

Roadshow 04/19-21 (investor call at 2pm UKT 04/19). Pricing today. UOP: along with EUR96m cash on hand, to redeem EUR797m existing notes (EUR475m euro notes, plus EUR24m MWC premium and US$335m dollar notes , plus USD22.1m MWC premium). Biz: international direct selling of beauty products. HQ: Schaffhausen, Switzerland.