Commentary & Deal Flow

Emerging Market: InPost SA EUR490m (up from EUR390m) 144A/Reg S sr notes due 2027 (6y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Ba2/--/BB (stable/--/stable). Via BNP/JPM/Bank Pekao jt glocos and physical books/Barc/Citi/GS/ING jt books. No reg rights. List ISE. NY law. IPT high 2s. Price talk: 2.50% area. EUR100m upsize to reduce PLN tranche (now PLN500m maximum) and for GCP.

Revised px talk: 2.375% area.

Did investor call at 11am UKT Mon, virtual roadshow Mon-Weds. Books close at 12:30pm UKT today. Pricing today UK afternoon. UOP: along with PLN500m maximum size (originally PLN800m (approx EUR170m)) gtd sr notes due 2027, to finance the acquisition of Mondial Relay for EUR513m, pay down EUR25m revolver, cash on the B/S (EUR100m upsize to reduce PLN notes and GCP. Biz: a leading e-commerce logistics platform in Poland and France (post the acquisition). HQ: Krackow, Poland. (Acquisition announced 03/15/21).