Commentary & Deal Flow

Consolidated Energy Finance SA (CONSEN) approx US$815m (up from 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$65m upsize UOP: paydown incremental indebtednes

- US$525m (up from 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. Final pricing: $525m at 5.625%.

- 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. Final pricing: EUR250m (unchanged) at 5.00%..

Did investor call at 10:30am NYT / 3:30pm UKT Mon. Books now close at 12:30pm NYT / 5:30pm UKT today (originally closing at 10:30am NYT today. Pricing today NY afternoon. 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) ($65m upsize to pay down incremental debt). Primary shareholder: Proman Holding AG. Biz: a leading global producer of methanol and fertilizer products. HQ: Wollerau, Switzerland.