Commentary & Deal Flow

Nordic market: B2Holding ASA (BTWO) EUR75m minimum add-on to its Reg S sr FRN due 09/22/26 (3.75y). NC1.75 (09/22/24) (MWC B+50bp), then callable 09/22/24 at 103.96, 09/22/25 at 101.98, and 03/22/26 at 100.25. B1/B+ (stable/stable). Via DNB/Nordea (B&D) jt glocos & books, Sparebank as co-manager. List Oslo. Norwegian law. Floats/pays quarterly (Act/360).  Settles 01/27 (T+6). To be merged with the EUR150m issue priced 09/15/22 (ISIN: NO0012704107).

IPT: 98.50-99.25 (coupon 3mE+690bp (0% floor).

Roadshow started 01/17. Books are open, Pricing today. Minimum size covered in the IPT range. UOP: repay debt - conditional buyback of its outstanding B2H04 (ISIN: NO0010822646) at 100.00 (matched settlement) conditional upon subscription into the new bond in connection with the transaction; and to pay down revolver. 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.