Commentary & Deal Flow

Elior Group SA (ELIOR) EUR550m (up from EUR500m) Reg S sr notes due 07/15/26 (5y). NC2 (MWC B+50bp), then at 101.875, 100.9375, 100. Equity claw: 2y 40% at 103.75. Ba3/BB- (negative/negative). Via BNP (B&D) physical books/CA/Rabo jt glocos/Natixis/CM CIC/Soc Gen as jt books, Mediobanca, BBVA as co-managers. List Lux. NY law. Settles 07/08 (T+5). ISIN: XS236038170. IPT: low 4s. Px talk 3.875% area (+/- 0.125%). Final size/price: EUR575m at 3.75%.

Priced: 3.75% at 100. +437bp vs DBR 0.5% 02/15/26.

Roadshow Mon-Weds (investor call at 10:30am UKT Mon). Books closed at 12pm UKT today. Reconfirms were due by 1pm UKT today. UOP: along with a new EUR150m term loan, to repay its existing EUR530m term loan, EUR105m for GCP. Biz: leading intl player in contract catering and services. HQ: Paris, France.