Commentary & Deal Flow

AEDAS Homes OpCo SLU EUR315m 144A/Reg S sr sec green notes due 2025 (5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Expect Ba2/BB-/BB (stable/stable/stable). Via GS/Citi jt glocos/DB/JPM jt books, Sabadell, Bestinver as co-managers. List Dublin. NY law. Roadshow Mon-Weds (investor call at 2pm UKT today). UOP: GCP, icluding repaying debt. Biz: residential homebuilder in Spain. HQ: Madrid, Spain.