Commentary & Deal Flow

Sani/Ikos Financial Holdings 1 SARL EUR300m 144A/Reg S sr sec notes due Dec 2026 (5.5y). NC2 (MWC B+50bp) (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per years the first 2 years at 103. Caa1/NR/B- (stable/--/stable). Via MS (B&D) gloco/JPM jt books, Alpha Bank, Eurobank, NBG, Piraeus Bank. No reg rights. List ISE. NY law. Roadshow begins today (investor call at 2:30pm UKT today). UOP: repay debt. Leading luxury resort owner, developer and operator in the Mediterranean. HQ: Rome, Italy.