Commentary & Deal Flow

EC Finance PLC (Europcar Mobility Group) (EUROCA) EUR500m 144A/Reg S sustainability-linked sr sec notes due 10/15/26 (5y). NC2 (MWC B+50bp), then at 101.625, 100.8125, 100. Equity claw: 2y 40% at 103.00. Special call: 10% per year the first 2 years at 103. B2/CCC+ (positive/CW positive). Via BNP (B&D) physical books/CA/HSBC jt glocos/DB/ING/Lloyds/Natixis/RBC/SocGen jt books. No reg rights. 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. Settles 10/07 (T+10). Reg S ISIN: XS2389984175. Px talk: 3.25%-3.50%. Final px talk: 3.00%-3.25% (WPIR).

Priced: 3.00% at 100. +360bp vs DBR 0.25% 02/15/27.

Roadshow Tues-Thurs (Investor call at 2:30pm UKT Tues). Books closed at 1pm UKT today. Reconfirms were due by 1:30pm UKT today. UOP: refinance its EUR500m 2.375% notes due 2022 (callable at 100.594). Biz: car and van rental services. HQ: Paris, France.