Commentary & Deal Flow

PHM Group Holding Oy EUR300m 144A/Reg S sr sec notes due 2026 (5y). NC2.5 (50%,25%,10%,par). B2/B (stable/stable). Via Nordea (B&D)/Pareto jt books. List Helsinki and Frankfurt. Price talk: 5.00%-5.25%. Revised price talk: 4.75%-5.00% (wpir).

Final px: 4.75%.

Did investor call at 11am UKT 06/08, Virtual meetings 06/08-10. Books closed at noon UKT today. Pricing today UK afternoon. UOP: refinance debt, GCP, capex, acquisitions, and a one-time EUR70m 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.