Commentary & Deal Flow

Azelis Finance NV (AZELIS) EUR400m 144A/Reg S sr notes due 2028 (5y). NC2 (MWC B+50bp) (50%,25%,par).. Equity claw: 2y 40%. NR/BB+/BB+ (--/stable/stable). Via GS/JPM (B&D) jt glocos/HSBC/ING jt books. No reg rights. List Lux. NY law. Settles 03/15 (T+5). IPT: 6.00%-6.25%.

Final terms EUR400m at 5.75%.

Roadshow 03/06-08 (investor call at 11am UKT 03/06). Pricing today UK afternoon. UOP: GCP, including the repayment of EUR100m drawn on its revolver to fund recently closed bolt-on acquisitions, and to fund recently signed bolt-on acquisitions it expects to close in the first half of 2023. Equity sponsors: EQT and PSP. Biz: a leading global specialty chemicals and food ingredients distributor. HQ: Antwerp, Belgium.