Commentary & Deal Flow

Derichebourg SA EUR300m 144A/Reg S sr green notes due 2028 (7y). NC3 (50%,25%,par). Expect NR/BB/BB (--/stable/positive). Via BNP sole gloco and physical books, CM-CIC, SocGen jt leads, CA as co-manager. No reg rights. List Lux. NY law. SMR at 100% of the issue price. Roadshow Mon-Weds (Investor call at 10:30am UKT today). UOP: along with $225m in cash, to finance the acquisition of Ecore Holding SAS (the number 2 metal recycler in France) as a pure green eligible project for EUR519m. Biz: a leading global provider of environmental (including metal recycling, number 1 in France) and outsourcing services to businesses and local authorities. HQ: Paris, France.