Commentary & Deal Flow

AEDAS Homes OpCo SLU (AEDASH) EUR325m (up from EUR315m) 144A/Reg S sr sec green notes due 08/15/26 (5.25y). NC1.5 (11/15/22) (MWC B+50bp), then at 102.00, 101.00, 100. Equity claw: 1.5y 40%. Ba2/BB-/BB (stable/stable/stable). Via GS (B&D)/Citi jt glocos/DB/JPM jt books/Santander/SocGen/BBVA passive books, Sabadell, Bestinver as co-managers. No reg rights. List Dublin. NY law. Settles 05/21 (T+7). IPT: 4.00%-4.25%. Px talk: 4.00%-4.25%.

Final terms: EUR325m 4.00% at 100.

(Originally NC2). Roadshow 05/10-12 (investor call at 2pm UKT 05/10). Books closed at 1:30pm UKT today. Final pricing and allocations today UK afternoon. UOP: GCP, including repaying debt (EUR100m syndicated loan, EUR32m Bilateral loans) (EUR10m upsize for cash on the B/S). Equity sponsor: Castlelake. Biz: residential homebuilder in Spain. HQ: Madrid, Spain.