Commentary & Deal Flow

Postponed due to market conditions: AnaCap Financial Europe SA SICAV-RAIF (ANACAP) EUR350m 144A/Reg S 1st lien sr sec FRN due 2027 (5.5y). NC2 (MWC B+50bp), then at 101, 100. Equity claw: 2y 40% at 106.75. 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. Px talk: E+675bp/0% floor/98.00. Roadshow Tues-Thurs (investor call at 3pm Mon). Books closed at 1:30pm yesterday. 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.

In a press release AnaCap said: despite having received healthy engagement during the roadshow, the Company has elected to postpone the opportunistic transaction due to volatile and adverse market conditions. The Company has a track record of prudent management of its balance sheet and liquidity position, and will continue to monitor the debt capital markets and refinancing options for its existing Senior Secured Floating Rate Notes due August 2024.