Commentary & Deal Flow

Zenith Finco Plc (ZEUSBD) GBP475m 144A/Reg S green sr sec notes due 2027 (5.5y). NC2 (MWC G+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. (Expect B1)/B+ (stable/stable). Via HSBC (B&D)/Barc jt glocos and physical books/GS/NatWest jt books. List ISE. NY law. Second party opinion: Sustainalytics. Virtual roadshow Mon-Weds (investor call at 12pm UKT today). UOP: repay term loans (Zenith intends to use the net proceeds towards eligible green expenditures within 24 months in support of its target to transition its customers' car fleets to battery electric vehicles). Equity sponsor: Bridgepoint (73% ownership, management owns the remainder). Biz: the UK's leading independent vehicle leasing, outsourcing and fleet management provider for personal, business and mission critical fleets. HQ: Leeds, UK.