Commentary & Deal Flow

HY/EM: Synthos SA EUR500m 144A/Reg S sr sec 1st lien gtd notes due 2028 (7y). NC3 (MWC B+50bp) (50%,25%). Equity claw: 3y 40%. Ba2/BB/BB+ (stable/stable/stable). Via BNP/GS jt glocos/Bank Pekao, ING, PKO Bank Polski SA/Santander jt books. No reg rights. List Dublin. NY law.

IPT: high 2s.

Rdshw 05/25-26 (investor call at 11am UKT 05/25). Pricing today. UOP: repay EUR443.1m term loan (revolver will be increased to EUR500m), GCP. Biz: leading European producer of synthetic rubber and insulation materials products. Also acquiring Trinseo's synthetic rubber business for $449.4m in cash, which will be funded with cash generated from operations and, if necessary, draws on its revolver (acquisition announced 05/21, closing expected late this year). HQ: Oswiecim, Poland.