Commentary & Deal Flow

PHM Group Holding Oy (PHMGRP) EUR300m 144A/Reg S sr sec notes due 06/18/26 (5y). NC2.5 (11/18/23, 30mos) (MWC), then at 102.375 until 11/18/24 (42mos), 101.1875 until 03/18/25 (46mos), 100.475 until 05/18/25 (48mos), then 100. B2/B (stable/stable). Via Nordea (B&D)/Pareto jt books. List Helsinki and Frankfurt. Finnish law. Settles 06/18 (T+5). ISIN: FI4000507876. Price talk: 5.00%-5.25%. Revised price talk: 4.75%-5.00% (wpir). Final px: 4.75%.

Priced: 4.75% at 100. +538bp vs OBL 0% 04/10/26.

Did investor call at 11am UKT 06/08, Virtual meetings 06/08-10. Books closed at noon UKT today. 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.