Commentary & Deal Flow

BK LC Lux Finco 1 Sarl (Birkenstock) EUR430m 144A/Reg S sr notes due 2029 (8y). NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. Added: Qualified IPO claw: 3y 100% only at par + coupon. (Removed: Special call: 10% per year the 1st 3 years at 103). Caa1/CCC+/B- (stable/stable/stable). Via GS/CS/Citi/HSBC/Commerz/CA jt books. List ISE. NY law. IPT: mid-high 5s

Px talk: 5.50%-5.75%.

Roadshow 04/20-26 (investor call at 3pm UKT Tues 04/20). Books close at 10am UKT tomorrow. Pricing tomorrow UK afternoon. 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 for EUR3.7bn. Sponsor and management equity: $1.78bn. Biz: designer and manufacturer of footwear. HQ: Neustadt, Germany.