Commentary & Deal Flow

Sani/Ikos Financial Holdings 1 SARL (SANIIK) 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.

Px talk: 5.75% area (+/- 0.125%).

Roadshow began Mon (investor call at 2:30pm UKT 07/12). Books close at 1pm UKT tomorrow. Pricing tomorrow UK afternoon. UOP: repay debt. Equity sponsors: Oaktree, GS AIMS, Hermes, Florac Investissements, Moonstone. Biz: leading luxury resort owner, developer and operator in the Mediterranean. HQ: Halkidiki, Greece.