Commentary & Deal Flow

Albion Holdco Limited (Aggreko plc) (AGKLN) approx. GBP1.055bn equivalent (USD and EUR tranches) 144A/Reg S notes 3-part. Via Barc (B&D)/BofA sole physical books and jt glocos/DB/GS/HSBC/Lloyds/Santander/SMBC Nikko/StanChart jt books. List ISE. NY law.

Sr sec notes total size GBP700m equivalent in EUR/US$. Tranche split TBD.

- Albion Financing 1 Sarl/Aggreko Holdings Inc EUR TBD sr sec notes due 2026 (5y). NC2 (50%,25%,par). B1/BB-/BB+
(stable/stable/stable). Px talk: 5.00%-5.25%.

- Albion Financing 1 Sarl/Aggreko Holdings Inc US$ TBD sr sec notes due 2026 (5y). NC2 (50%,25%,par). B12/BB-/BB+ (stable/stable/stable). Whisper: low 5s. Px talk: 6.00% area.

- Albion Financing 2 Sarl USD485m (approx. GBP355m equivalent) sr notes due 2027 (5.5y). NC2 (50%,25%,par). B3/B/BB- (stable/stable/stable). Whisper: +200bp vs the US$ sr sec tranche. Px talk: 8.00% area.

Did global investor call at 3pm UKT Tues, 1x1s Tues-Weds. Books close 9:30am NYT / 2:30pm UKT tomorrow. Pricing tomorrow UK afternoon. UOP: Repay GBP1bn equivalent bridge loans incurred along with approx. USD1.35bn (GBP1bn equivalent in USD/EUR tranches) sr term facility (GBP450m multi-currency revolver, GBP$70m drawn at closing), to fund the acquisition of Aggreko by I Squared Capital (50%) and TDR (50%) for 880p per share or a total equity value of GBP2.322bn. The equity sponsors will provide GBP894.9m in equity (I Squared GBP447.4m and TDR GBP447.4m). Biz: supplier of power generation and temperature control equipment. HQ: Glasgow, Scotland. (Acquisition announced 03/05/21; acquisition completed via the GBP700m loan and GBP1bn (EUR/USD) bridge loans on 08/11/201).