Commentary & Deal Flow

In the Nordic market: Goldcup 100889 (publ) (unc) (Foxway Group AB) EUR200m sr sec FRN due 2028 (5y). NC2 (MWC) (par + 60.0%/50.0%/40.0%/30.0%/20.0%/0.0% of the margin after 24/30/36/42/48/54 months respectively). Equity claw: 2y 35% at 103. Not rated. Via ABG Sundal gloco/SEB jt books. Quarterly pay. Settles 07/12. IPT: 3mE+650-700bp (0% floor).

Guidance: 3mE+675-700bp (0% floor) WPIR.

Roadshow started Mon. Pricing today. UOP: fund the LBO of Foxway by Nordic Capital from Norvestor (Norvestor will retain a minority stake), refinance existing debt, GCP, including future M&A. Biz: a leading European provider of circular IT services to large organizations, the public sector and resellers of consumer electronics. HQ: Vaxjo, Sweden. (Acquisition announced 06/19/23).