Commentary & Deal Flow

PEU (FIN) Plc (Pepco Group) (PEPGRP) EUR375m (up from EUR300m) 144A/Reg S sr sec notes due 2028 (5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Ba3/NR/BB+ (stable/--/stable). Via Citi/GS/ING/JPM (B&D) jt glocos and books, Santander/Lloyds/Bank Pekao/RBI/Barc passive books. No reg rights. List ISE. NY law. IPT: high 7s. EUR75m upsize to pay down revolver.

Px talk: 7.50% area.

Did investor call at 10am UKT Mon (small group meetings Mon-Tues). Books close at 4pm UKT today. Pricing today UK afternoon. UOP: along with EUR12m cash on hand to repay its EUR300m term loan facility (EUR75m upsize to pay down revolver). Biz: owner-operator of a multi-format pan-European discount variety retail business with over 4,000 stores. It is a sub of Steinhoff Intl. HQ: London, UK.