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%. Ba2/BB-/BB (stable/stable/stable). Via GS/Citi jt glocos/DB/JPM jt books, Sabadell, Bestinver as co-managers. No reg rights. List Dublin. NY law.

IPT: 4.00%-4.25%.

Roadshow 05/10-12 (investor call at 2pm UKT 05/10). UOP: GCP, including repaying debt (EUR100m syndicated loan, EUR32m Bilateral loans). Equity sponsor: Castlelake. Biz: residential homebuilder in Spain. HQ: Madrid, Spain.