Commentary & Deal Flow

In the Nordic market: Goldcup 100889 (publ) (unc) (Foxway Group AB) EUR200m sr sec FRN due 07/12/28 (5y). NC2 (07/12/25) (MWC), then 104.200, 01/12/26 103.50, 07/12/26 102.800, 01/12/27 102.10, 07/12/27 101.400, 01/12/28 100 (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 (B&D)/SEB jt books. Quarterly pay. Settles 07/12. ISIN: SE0020540218. IPT: 3mE+650-700bp (0% floor). Guidance: 3mE+675-700bp (0% floor) WPIR. Final terms: 3mE+700bp (0% floor).

Priced: 3mE+700bp (0% floor) at 100.

Roadshow started Mon. Books closed at 3pm CEST 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).