Commentary & Deal Flow

Azelis Finance NV (AZELIS) EUR400m 144A/Reg S sr notes due 03/15/28 (5y). NC2 (MWC B+50bp), then at 102.875, 101.438, 100. Equity claw: 2y 40% at 105.75. 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). Reg S ISIN: BE6342263157. IPT: 6.00%-6.25%. Price guidance 5.75%-6.00%. Final terms EUR400m at 5.75%.

Priced: 5.75% at 100. +294.7bp vs DBR 0.50% 02/15/28.

Roadshow 03/06-08 (investor call at 11am UKT 03/06). 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.