Commentary & Deal Flow

Afflelou EUR410m 144A/Reg S sr sec 1st lien notes due 2026 (5y). NC2 (MWC B+50bp). Equity claw: 2y 40%. B2/B (stable/stable). Via MS sole gloco and physical books/BNP/CA jt books. No reg rights. List Dublin. NY law. Px talk: 4.50% area (+/-0.125%).

Final px talk: 4.25%.

Did investor call at 11am UKT 05/06, then small group meetings. Books now close at 4:30pm UKT today (originally closing tomorrow at 11am UKT). Now pricing today (originally pricing tomorrow. UOP: along with EUR75m sr sub notes due 2027 (6y) NC2, Caa1/CCC+ (pre-placed) and EUR106m cash on hand, to refinance existing notes (EUR165m sr sec FRN due 2023 and EUR250m sr sec notes due 2023), repay EUR30m PGE loans, and EUR135m partial shareholder bond reimbursement. Equity sponsors: Lion Capital (45%), CDPQ (20.8%), Amboise Partners (14.5%). Biz: a leading optical and hearing aid franchisor with over forty years of experience and a strong presence in its core markets, France and Spain. HQ: Paris, France.