Commentary & Deal Flow

Ontex Group NV (ONTEX) EUR580m Reg S sr notes due 07/15/26 (5y). NC2 (MWC B+50bp), then at 101.750 100.875, 100. Equity claw: 2y 40% at 103.50. B1/BB- (stable/negative)). Via BNP/BoA/GS (B&D) jt glocos and physical books/CA/HSBC/ING jt books, KBC, SocGen passive books. List Lux. NY law. Settles 07/07. ISIN: BE6329443962. IPT: high 3s. Px talk: 3.50%-3.75%.

Priced: 3.50% at 100. +407bp vs OBL 0% 04/10/26.

Did investor call at 10:30am UKT yesterday. Also did roadshow 06/22-24. Books closed at 11am UKT today. UOP: along with a new EUR220m term loan to repay in full its existing EUR150m Bilateral facility, EUR30m revolver and EUR600m term loan. Biz: a leading provider of personal hygiene products worldwide. HQ: Aalst-Erembodegem, Belgium.