Commentary & Deal Flow

EC Finance PLC (Europcar Mobility Group) (EUROCA) EUR500m 144A/Reg S sustainability-linked sr sec notes due 2026 (5y). NC2 (50%,25%,par). Expect B2/CCC+. Via BNP (B&D) physical books/CA/HSBC jt glocos/DB/ING/Lloyds/Natixis/RBC/SocGen jt books. List Lux. NY law. Sustainability performance targets: SPT 1: avg carbon emmissions for the fleet to reach 93g co2 / km for cars and 144g co2 / km for vans by 31 December 2024, 12.5bps step-up in coupon, if SPT 1 not met; SPT 2: green vehicles to reach 20% of group's fleet by 31 December 2024, 12.5bps step-up in coupon, if SPT 2 not met. Roadshow 09/21-23 (Investor call at 2:30pm UKT today). UOP: refinance its EUR500m 2.375% notes due 2022 (callable at 100.594). Biz: car and van rental services. HQ: Paris, France.