Commentary & Deal Flow

Emerging Market: InPost SA EUR490m (up from EUR390m) 144A/Reg S sr notes due 07/15/27 (6y). NC2 (MWC B+50bp), then at 101.13, 100.56, 100. Equity claw: 2y 40% at 102.25. Ba2/NR/BB (stable/--/stable). Via BNP/JPM (B&D)/Bank Pekao jt glocos and physical books/Barc/Citi/GS/ING jt books. No reg rights. List ISE. NY law. Settles 06/29 (T+3). Reg S ISIN: XS2010028004. IPT high 2s. Price talk: 2.50% area. Revised px talk: 2.375% area. Final price: 2.25%.

Priced: 2.25% at 100. +280bp vs DBR 6.50% 07/04/27.

Did investor call at 11am UKT Mon, virtual roadshow Mon-Weds. Books closed at 12:30pm UKT today. 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).