Commentary & Deal Flow

Energizer Gamma Acquisition BV (ENR) EUR650m 144A/Reg S sr notes due 06/30/29 (8y). NC3 (MWC T+50bp), then at 101.750, 100.875, 100. Equity claw: 3y 40% at 103.50. B2/B+ (stable/negative). Via BotA/Citi/JPM/Barc/MUFG jt books, StanChart, TD, Seibert Williams as co-managers. No reg rights. List ISE. NY Law. Settles 06/23 (T+10). Reg S ISIN: XS2353416386. IPTs high 3%. Px talk: 3.50%-3.75%.

Priced: 3.50% at 100. +338bp vs DBR 0% 08/15/29.

Did investor call at 11:30am UKT today. Books closed at 2:30pm UKT today. UOP: along with cash on hand to redeem its EUR650m 4.625% sr notes due 07/15/26 on 07/09 at MWC B+50bp. Biz: a wholly-owned sub of Energizer Holdings Inc, a manufacturer/marketer of primary batteries and portable lighting products, and a leading designer and marketer of automotive fragrance and appearance products, and other branded consumer products. HQ: St Louis, MO.