Commentary & Deal Flow

AEDAS Homes OpCo SLU (AEDASH) EUR315m 144A/Reg S sr sec green notes due 2025 (5y). NC1.5 (MWC B+50bp) (50%,25%,par). Equity claw: 1.5y 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%.

Px talk: 4.00%-4.25%. Changed from NC2.

Roadshow 05/10-12 (investor call at 2pm UKT 05/10). Books close at 1:30pm UKT today. Pricing today UK afternoon. UOP: GCP, including repaying debt (EUR100m syndicated loan, EUR32m Bilateral loans). Equity sponsor: Castlelake. Biz: residential homebuilder in Spain. HQ: Madrid, Spain.