Commentary & Deal Flow

In the Nordic market: MGI - Media and Games Invest SE (MEDGAM) EUR225m (from EUR200-225m and EUR200m) sr sec FRN due 03/24/27 (4y). NC2 then at 103.625, 102.719, 101.813, 100.906 (par + 50.0%/37.5%/25.0%/12.5% of the margin) on or after 24/30/36/42 months. Prior to the First Call Date (24 months), the redemption price will be 103.625 (par + 50% of the Margin) + the sum of all remaining interest payments up to the First Call Date. Not rated. Via Pareto gloco (B&D)/Nordea jt books. List NOMX Stockholm, Frankfurt. Swedish law. Quarterly pay starting 06/26. Trade date 03/10. Settles 03/24. ISIN: SE0019892241. IPT: 3mE+700-725bp (0% EURIBOR floor). Guidance: IPT: 3mE+700-725bp (0% EURIBOR floor), WPIR. Final terms: EUR225m at 3mE+725bp (0% EURIBOR floor).

Priced: 3mE+725bp (0% EURIBOR floor) at 100.

Roadshow began Tues (03/07). Books closed at 5pm CET yesterday. UOP: GCP, including investments, capex, and acquisitions, and to fund the partial buy-back of its EUR235m sr sec FRN due 11/27/24 (ISIN SE0015194527) at 102.875 (EUR176.2m was repurchased). Holders participating in the new issue were offered priority in the Buy-Back. Biz: provides digital media advertising services via an ad-software platform that matches global advertiser demand with publisher ad-supply, as well as its own digital games content. HQ: Stockholm, Sweden.

The Company plans to further decrease leverage, including additional repurchases of the 2024-Bonds at or around prevailing market prices and/or redeeming the 2024-Bonds in full once the redemption premium has decreased.

The transaction was well received by the market and generated demand from primarily institutional investors based in the Nordics and continental Europe.