Commentary & Deal Flow

AnaCap Financial Europe SA SICAV-RAIF (ANACAP) EUR350m 144A/Reg S 1st lien sr sec FRN due 2027 (5.5y). NC2 (MWC B+50bp) (101, par). Equity claw: 2y 40%. B2/B (positive/stable). Via CS (B&D)/HSBC jt physical books/NatWest jt glocos and jt lead books. List ISE. NY law. No reg rights.

IPT: E+675bp/0% floor/98.00.

Roadshow Tues-Thurs (investor call at 3pm Mon). Pricing tomorrow. UOP: along with EUR19.5m cash on hand, to redeem its EUR307.5m E+500bp 1st lien sr notes due 08/01/24 (callable at 100) and pay down the EUR51m drawn on its revolver. Equity sponsor: Anacap Financial Partners. Biz: pan-European investment vehicle, focused predominantly on mid-market investments with hard asset backing in a diverse range of performing and non-performing debt portfolios and direct real estate opportunities. HQ: London, UK.