Commentary & Deal Flow

+++Corrects headline: 3mE+690bp (not 600bp)+++

Nordic market: B2Holding ASA (BTWO) EUR150m sr FRN due 09/22/26 (4y). NC2 (MWC B+50bp) (then callable at par + 50% of margin for 1y, 25% for 6mos, then at 00.25 the last 6mos. B1/B+ (stable/positive). Via DNB (B&D)/Nordea/Pareto jt glocos/Arctic jt books. List Oslo. Norwegian law. Floats pays quarterly (Act/360). Settles 09/22. ISIN: NO0012704107. IPT: 3mE+675-700bp (zero floor) at par.

Final terms: EUR150m 3mE+690bp (zero floor) at par.

Roadshow Tues-Weds (global investor calls Tues 10am CEST and 3pm CEST, and 1-1 meetings Tues and Weds). The books close  at 3pm CEST today. Pricing today. Allocations out tomorrow. UOP: repay debt, GCP. B2Holding buy-back of B2H03 (ISIN: NO0010809932) at 100.45 (matched settlement) and B2H04 (ISIN: NO0010822646) at 100.70 (matched settlement) conditional upon subscription into the new bond in connection with the transaction. Biz: a European financial services provider, specializing in the investment and workout of non-performing loans primarily from the banking sector, as well as providing third party debt collection services. HQ: Oslo, Norway.