Commentary & Deal Flow

Silgan Holdings Inc (SLGN) approx USD750m equivalent (EUR/USD)144A/Reg S sr notes 2-part. Existing Ba3/BB-. Via BAML/WFS/Mizuho/JPM/SMBC Nikko/GS joint books, Rabo, TD, BMO, CapOne, MUFG, UniCredit, CIBC, PNC, Scotia, DZ, JMS, RBI as co-managers. W/reg rights.

    - USD200m add-on to its 4.125% due Feb 01, 2028 (8y). NC2.6 (Oct 01, 2022) (MWC T+50bp), then at 102.063, 101.031, 100. Equity claw: 2.6y 35% at 104.125. 144A CUSIP: 827048AV1. Immediately 144A fungible (Reg S after 40 days) with the original USD400m issue priced 11/04/19. IPT 99.00. Px talk: 99.25-99.50. Final terms TBD.

   - EUR5000m due June 01, 2028 (8.25y). NC3 (March 01, 2023) (MWC B+50bp) (par + 50% of coupon). Equity claw: 3y 35%. IPT 2.50%-2.75%. Px talk: 2.375% area. Final terms: EUR500m at 2.25%.

Did investor call today at 10am NYT / 3pm UKT. Books close: USD at 1pm today, EUR at 5pm UKT today. Pricing today US afternoon (orignally pricing tomorrow). UOP: repay a portion of its $766m U.S. A term loans. Biz: a supplier of rigid packaging for consumer goods products. HQ: Stamford, CT.