Commentary & Deal Flow

LSF XI Magpie Bidco BV (Manuchar) (MANUCH) EUR350m 144A/Reg S sr sec notes due 2027 (5y). NC2 (50%,25%,par). Expect B3/B. Via CS. List ISE. NY law. Roadshow (small group meetings) Mon-Tues (investor call 9am UKT Mon). UOP: fund the LBO of Manuchar by Lone Star from Ackermans & van Haaren and the Maas family for approximately EUR465m (management will retain its 20% ownership), repay debt, cash on the B/S. Biz: leading distributor of dry-bulk chemicals. HQ: Antwerp, Belgium. (Acquisition announced 01/14/2022).