Commentary & Deal Flow

09/30/2021 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. Settles 10/07 (T+5).

- US$525m (up from US$460m) sr notes due 10/15/28 (7y). NC3 (MWC T+50bp), then at 102.813, 101.406, 100. Equity claw: 3y 40% at 106.625. 144A CUSIP: 20914UAF3. IPT: high 5s. Price talk: 5.75% area. Final pricing: $525m at 5.625%. Priced: 5.625% at 100. +431bp vs 1.25% 09/30/28.

- EUR250m (from EUR250m minimum) sr notes due 10/15/28 (7y). NC3 (MWC B+50bp), then at 102.50, 101.25, 100. Equity claw: 3y 40% at 105.00. Reg S ISIN: XS2393687350. IPT: high 4s. Price talk: 5.00% area. Final pricing: EUR250m (unchanged) at 5.00%. Priced: 5.00% at 100. +540bp vs DBR 0.00% 11/15/28.

Did investor call at 10:30am NYT / 3:30pm UKT 09/27. Books closed at 12:30pm NYT / 5:30pm UKT 09/30 (originally closing at 10:30am NYT 09/30. 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), and $70m to pay down revolver. Primary shareholder: Proman Holding AG. Biz: a leading global producer of methanol and fertilizer products. HQ: Wollerau, Switzerland.