Commentary & Deal Flow

Tendam Brands SAU (TENDAM) EUR300m 144A/Reg S sr sec FRN due 03/31/28 (5.5y). NC1 (101, par). B2/B+ (stable/stable). Via DB (B&D)/SocGen/BNP/CA/ICO/Caixa/BBVA/IMI/Sabadell jt books. No reg rights. Floats/pays quarterly: Jan31, April 30, July 31, Oct 31, starting 01/31/23. List Lux. NY law. Settles 10/13 (T+6). Reg S ISIN: 253746238. Px talk: E+750-775bp at 93.

Priced: 3mE+750bp at 93.

Roadshow (1x1s) yesterday/today (investor call at 10am yesterday). Books closed at 3pm UKT today. FTT: 7:30am UKT tomorrow. UOP: along with a EUR131m sr sec term loan and EUR130m cash on hand, to redeem its EUR215m 5% sr sec notes due 09/5/24 (at 100) and EUR325m sr sec FRN due 09/15/24 (at 100). Biz: Leading European multi-brand, omnichannel, and fast-growing digital fashion group. HQ: Madrid, Spain.