Commentary & Deal Flow

Apollo Swedish Bidco AB (Assemblin) (ASSEMB) EUR480m 144A/Reg S sr sec FRN due 2029 (6y). NC1 (MWC T+50bp), then at par. B2/B/B (stable/stable/stable). Via DB (B&D)/JPM jt glocos/Nordea (Nordic coordinator) jt physical books/ Danske/DNB/SEB/Swedbank jt books. No reg rights. List ISE. NY law. IPT: E+500bp (0% floor) at 96-97. Px talk: E+500bp (0% floor) at 97.00-97.50.

Final pxg: E+500bp (0% floor) at 97.50-98.00 (WPIR).

Roadshow (small group meetings) 06/13-14 (investor call at 11am UKT 06/13). Books now close at 1pm UKT today (originally closing 11am UKT today). Pxg today UK afternoon. UOP: Refinancing of Triton Continuation Fund acquisition financing (EUR125m shareholder bridge loan), redemption of Assemblin's existing EUR350m sr sec FRN due 05/15/25 (callable at 100). On 05/03/23 Triton completed the transfer of certain assets, including Assemblin, from its Triton Fund IV to Trition IV Continuation Fund (the total purchase price for Assemblin in the transfer was EUR518.8m, which was funded with an equity contribution of EUR393.8m from the issuer's immediate parent Apollo Swedish Holdco AB and EUR125m shareholder bridge loan from Apollo Swedish Holdco AB as lender). Equity sponsor: Triton Partners. Biz: leading Nordic provider of smart & sustainable technical installation and service solutions. HQ: Hagersten, Sweden.