Commentary & Deal Flow

PHM Group Holding Oy EUR300m 144A/Reg S sr sec notes due 2026 (5y). NC2.5 (50%,25%,10%,par). Expect single-B rating. Via Nordea (B&D)/Pareto jt books. List Helsinki and Frankfurt. Investor call at 11am UKT tomorrow, Virtual meetings Tues-Thurs. UOP: refinance debt, GCP, capex, acquisitions, and a one-time shareholder distribution. Equity sponsor: Norvestor. Biz: a leading residential property maintenance company made up of strong local companies focused on the Nordic residential market. HQ: Porvoo, Finland.