Commentary & Deal Flow

+++Corrects EUR tranche price talk to 9.50% area (not 9.25% area)+++

Benteler International AG (BENTLR) EUR975m equivalent (EUR/US$) 144A/Reg S sr sec notes 2-part. Ba3/BB- (stable/stable). Via JPM (B&D)/GS/MS jt glocos/Commerz/Unicredit jt books. Erste as co-manager. JPM/GS/MS are jt physical books on the EUR tranche, JPM is physical books on the US$ tranche. No reg rights. List ISE. NY law. Settlement 05/15 (Euro notes T+10; US$ notes T+12).

- EUR525m sr sec notes due 2028 (5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. IPT: mid-high 9s. Px talk: 9.50% area.

- US$500m sr sec notes due 2028 (5y). NC2 (MWC T+50bp) (50%,25%,par). Equity claw: 2y 40%. IPT: high 10s. Px talk: 10.50-10.75%.

Roadshow 04/24-26 (investor call at 3:30pm UKT / 10:30am NYT 04/24). Books close at 10:30am NYT / 3:30pm UKT today. Pricing thereafter. UOP: along with EUR810m sr sec term loan A, to repay EUR1.886bn debt (mostly bank debt and EUR488m promissory notes). Biz: designs and manufactures components and modules for the global automotive industry as well as steel tube products for the industrial, automotive and energy sectors. Owned by the Benteler family. HQ: Salzburg, Austria.