Commentary & Deal Flow

BK LC Lux Finco 1 Sarl (Birkenstock) (BIRKEN) EUR430m 144A/Reg S sr notes due 04/30/29 (8y). NC3 (MWC B+50bp), then at 102.625, 101.3125, 100. Equity claw: 3y 40% at 105.25. Qualified IPO claw: 3y 100% only at 105.25. Caa1/CCC+/B- (stable/stable/stable). Via GS/CS/Citi/HSBC/Commerz/CA jt books. No reg rights. List ISE. NY law. Settles 04/29 (T+2). Reg S ISIN: XS2338167104. IPT: mid-high 5s. Px talk: 5.50%-5.75%. Final px talk: 5.375% area.

Priced: 5.25% at 100. +567bp vs DBR 0.25% 02/15/29.

(Removed: Special call: 10% per year the 1st 3 years at 103). Roadshow 04/20-26 (investor call at 3pm UKT Tues 04/20). Books closed at 1:30pm UKT today (originally closing 10am UKT). 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.