Commentary & Deal Flow

Motion Finco Sarl (Merlin Entertainments) (MERLLN) EUR700m (up from EUR650m) 144A/Reg S sr sec notes due 06/15/30 (7y). NC3 (MWC B+50bp), then at 103.688, 101.844, 100. B2/B+ (positive/stable). Via DB/BofA/Barc/HSBC/IMI/Mizuho/Santander/SMBC Nikko/UniCredit jt books, BOC, Blackstone as co-managers. No reg rights. List ISE. NY law. Settles 06/07 (T+10). Reg S ISIN: XS2623257503. Px talk: 7.50% area (+/-12.5bp). Final terms: EUR700m at 7.375%.

Priced: 7.375% at 100. +499bp vs DBT 0% 08/15/30.

Did investor call at 11am UKT yesterday. Q&A sessions yesterday-today. Books closed at 4:45pm UKT (originally closing at 2:45pm UKT) today. UOP: Refinance its existing EUR500m 7.00% sr sec notes due 05/15/25 (callable at 101.75) and for cash on balance sheet to address existing secured maturities. Equity sponsors: KIRKBI (47.50%), Blackstone (32%) and CPPIB (18%). Biz: A global leader in branded, location-based family entertainment. HQ: Dorset, UK.