Commentary & Deal Flow

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

- US$460m sr notes due 2028 (7y). NC3 (MWC T+50bp) (50%,25%,par). Equity claw: 3y 40%. IPT: high 5s. Price talk: 5.75% area.

- EUR250m (from EUR250m minimum) sr notes due 2028 (7y). NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. IPT: high 4s. Price talk: 5.00% area.

Did investor call at 10:30am NYT / 3:30pm UKT Mon. Books close at 10:30am NYT tomorrow. Pricing tomorrow. UOP: redeem its $215m sr FRN due 06/16/22 (callable at 100), $517m to redeem its $500m 6.875% sr unsec notes due 06/15/25 (callable at 103.438). Primary shareholder: Proman Holding AG. Biz: a leading global producer of methanol and fertilizer products. HQ: Wollerau, Switzerland.