Commentary & Deal Flow

+++Corrects typo on Moody's rating on the sr sec tranches: B1 (not B2)+++

Albion Holdco Limited (Aggreko plc) (AGKLN) approx GBP1.177bn (up from 1.055bn) 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 GBP790m (up from GBP700m) equivalent in EUR/US$ (GBP25m shifted from the sr unsec notes and GBP35m shifted from the sr sec term loan).

- Albion Financing 1 Sarl/Aggreko Holdings Inc EUR450m (GBP380m equivalent) sr sec notes due 2026 (5y). NC2 (50%,25%,par). B1/BB-/BB+ (stable/stable/stable). Px talk: 5.00%-5.25%. Size and pricing: EUR450m at 5.25% (the number).

- Albion Financing 1 Sarl/Aggreko Holdings Inc US$565m (GBP410m equivalent) sr sec notes due 2026 (5y). NC2 (50%,25%,par). B1/BB-/BB+ (stable/stable/stable). Whisper: low 5s. Px talk: 6.00% area. Size and pricing: US$565m at 6.125% (the number).

- Albion Financing 2 Sarl USD450m (down from $485m) (approx GBP327m down from GBP355m equivalent) sr notes due 2027 (5.5y). NC2 (50%,25%,par). B3/B/BB- (stable/stable/stable). Whisper: +200bp vs the US$ sr sec tranche. Px talk: 8.00% area. Size and pricing: US$450m at 8.50%-8.75%.

Did global investor call at 3pm UKT Tues, 1x1s Tues-Weds. EUR books closed 2:30pm UKT today. EUR reconfirms due 5pm UKT today. USD books close at 12:30pm NYT today (originally closing 9:30am NYT today). Pricing today NY afternoon. UOP: Repay GBP1bn equivalent bridge loans incurred along with approx. USD1.35bn (GBP980m equivalent) sr sec term loan (now syndicated GBP966m equivalent sized at USD750m and EUR500m 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).