Commentary & Deal Flow

Derichebourg SA (DBGFP) EUR300m 144A/Reg S sr green notes due 07/15/28 (7y). NC3 (MWC B+50bp), then at 101.125, 100.5625, 100. Equity claw: 3y 40% at 102.25. 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. Settles 06/24 (T+10). Reg S ISIN: XS2351382473. Px talk: 2.375%-2.625%. Launched: EUR300m at 2.25%.

Priced: 2.25% at 100. +274bp vs DBR 0.5% 02/15/28.

Roadshow 06/07-09 (Investor call at 10:30am UKT 06/07). Books closed at 10am UKT today. Reconfirms were due by 10:45am 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.