Commentary & Deal Flow

SIG plc EUR300m 144A/Reg S 1st lien sr sec notes due 2026 (5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. (Expect B1)/B+ (--/stable). Via HSBC (B&D)/Barc jt glocos/BNP/Lloyds/NatWest jt books. No reg rights. List ISE. NY law. Roadshow today-Weds (investor call at 12pm UKT today). UOP: refi debt (GBP131m of private placement notes and GBP70m of term loans), and GBP31.4m GCP. Equity sponsor: CD&R. Biz: leading supplier of specialist building products (including insulation, roofing and commercial interiors) to trade customers across Europe. HQ: Sheffield, UK.