Commentary & Deal Flow

Getlink SE (GETFP) EUR150m Reg S add-on to its 3.50% sr sec green notes due 10/30/25 (3y). NC1 (10/30/22) (MWC B+50bp), then at 101.75, 100.875, 100. Equity claw: 1y 40% at 103.50. NR/BB-/BB (--/negative/stable). Via BNP/GS joint glocos and active books/SocGen joint books. No reg rights. Debt service reserve account covering 12mos of interest on the notes and commitment fees on the RCF. List Dublin. English law. Settles 11/02 (T+5). ISIN: XS2247623643. Fully fungible with the original $700m issue priced 10/22/20. Px talk: 101.50-101.75. Final px talk: 101.75-102.00 (WPIR).

Priced: 3.50% add-on at 102.00, 2.965% YTM. +351.3bp vs OBL 0.00% 10/10/25.

Did investor call at 10am UKT yesterday, 1-on-1s yesterday-today. Books closed at 1pm UKT today. UOP: to fund eligible green assets. Biz: A leading operator of mobility and infrastructure assets; it is the parent company of Eurotunnel, the leader in cross-Channel transportation. HQ: Paris, France.