Commentary & Deal Flow

+++Corrects story: sr sec notes (not sr notes)+++

Emeria SASU (FONFP) EUR400m 144A/Reg S sr sec notes due 03/31/28 (5y). NC2 (50%,25%,par). Expect B2/B/B+. Via BNP/DB (B&D) jt glocos/CA/Natixis jt physical books/GS/ING/MUFG/Natwest/UniCredit jt books. No reg rights. List ISE. NY law. Roadshow 01/27-30 (investor call 01/27 at 10am UKT) (Netroadshow:ESASU23). UOP: pay down revolver, cash on the B/S. Equity sponsor: Partners Group. Biz: leading European residential real estate services provider to individuals and businesses (FKA Foncia Management SAS). HQ: Antony, France.