Commentary & Deal Flow

HY/EM: Synthos SA EUR600m (up from EUR500m) 144A/Reg S sr sec 1st lien gtd notes due 06/07/28 (7y). NC3 (MWC B+50bp), then at 101.25, 100.625, 100. Equity claw: 3y 40% a 102.50. 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. Settles 06/07 (T+6). Reg S ISIN: XS2348767836. IPT: high 2s. Px guidance: 2.50%-2.625% (will price in range). Launched: EUR600m 2.50% at par.

Priced: 2.50% at 100. +284.6bp vs DBR 0% 11/15/28.

Rdshw 05/25-26 (investor call at 11am UKT 05/25). Books closed at 1:30pm UKT today. Reconfirms were due by 2:30pm UKT 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.