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by Stephen Carter
Jan 31, 2023 10:55 AM ET
Emeria SASU (FONFP) EUR400m 144A/Reg S sr sec notes due 03/31/28 (5y). NC2 (MWC B+50bp), then at 103.875, 101.9375, 100. Equity claw: 2y 40% at 107.75. Special call: 10% per year the first 2 years at 103. B2/B/B+ (negative/negative/stable). 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. Pays June 30 and Dec 31, starting 06/30/23. Settles 02/07 (T+5). Reg S ISIN: XS2582774225. Px talk: 7.75%-8.00%.
Priced: 7.75% at 100. +549bp vs DBR 0.25% 08/15/28.
Roadshow 01/27-30 (investor call 01/27 at 10am UKT) (Netroadshow: ESASU23). Books closed at 11:30am UKT today. UOP: pay down EUR250m drawn on its revolver and put EUR155m cash on the B/S. Equity sponsors: Partners Group CDPQ, CIC Capital Corp (combined 68.7%), TA Associates (25%). Biz: leading European residential real estate services provider to individuals and businesses (FKA Foncia Management SAS). HQ: Antony, France.