Commentary & Deal Flow

+++Updates with jt lead managers+++

Consolidated Energy Finance SA (CONSEN) US$750m equivalent (EUR/USD) 144A/Reg S sr notes due 2028 (7y). Expect B3/B+. Via MS (B&D)/JPM jt books, BBVA/CA/DB/Scotia/SMBC Nikko jt lead managars. No reg rights. List Lux. NY law. Tranche sizes TBD.

- US$ TBA sr notes due 2028 (7y). NC3 (50%,25%,par). Equity claw: 3y 40%. IPT: high 5s.

- EUR TBA (EUR200m minimum) sr notes due 2028 (7y). NC3 (50%,25%,par). Equity claw: 3y 40%. IPT: high 4s.

Investor call at 10:30am NYT / 3:30pm UKT. Pricing Thurs. UOP: $219m to repay s-t debt, $517m to redeem CEL sr unsec notes due 2025. Primary shareholder: Proman. Biz: a leading global producer of methanol and fertilizer products. HQ: Wollerau, Switzerland.