Commentary & Deal Flow

Private placement follow-up priced yesterday: Afflelou (AAFFP) EUR50m Reg S add-on to its 4.25% sr sec 1st lien notes due 05/19/26 (4.33y). NC1.33 (05/19/23) (MWC B+50bp), then at 102.125, 101.0625, 100. Equity claw: 1.33y 40% at 104.25. Existing B2/B/B+. Via MS sole placement agent. No reg rights. List Dublin. NY law. Trade date 01/26. Settles 02/04 (T+7). Reg S ISIN: XS2342910689. The original EUR410m issue priced 05/11/21. Price terms not disclosed. UOP: along with  common equity proceeds and EUR14m of cash on hand, to fund Alain Afflelou and his family's acquisition of Apax Partners equity stake in Afflelou, doubling their ownership to 29% from 14%. Equity sponsors: Lion Capital (41%), CDPQ (30%). Biz: a leading optical and hearing aid franchisor with over forty years of experience and a strong presence in its core markets, France and Spain. HQ: Paris, France.