Commentary & Deal Flow

In the Nordic market: Axactor SE (AXANO) EUR300m sr unsec FRN due 09/15/26 (5y). NC4 (MWC), then at 101.070 until 03/15/26, then at 100.535. B3/B (positive/stable). Via Arctic (B&D)/DNB/Nordea jt books. Floats/pays quarterly (Act/360). List Oslo. Norwegian law. Settles 09/15. ISIN: NO0011093718. IPT: 3mE+550-575bp (0% EURIBOR floor), issue price par. Revised guidance: EUR300m at 3mE+535-550bp (WPIR), 0% EURIBOR floor, issue price par (books are covered at the revised guidance). Final terms: EUR300m at +535bp, 0% EURIBOR floor, issue price par.

Priced: 3mE+535bp, 0% EURIBOR floor, at 100.

Did a series of fixed income investor calls commencing 08/30 (in Norwegian at 1pm CET Mon 08/30 and in English at 1pm CET Wed, 09/01). Books closed at 2:30pm CEST today. UOP: repay its existing EUR140m bond held by its largest shareholder Geveran Trading Co Ltd, repay different EUR40m Italian loan facilities, and GCP. Biz: debt purchaser and debt collection in Europe. HQ: Oslo, Norway.