Commentary & Deal Flow

SCIL IV LLC/SCIL USA Holdings (Polynt) (PLYIM) EUR300m 144A/Reg S sr sec notes due 2028 (5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Specialty claw: 10% per year the 1st 2ys at 103. Existing B1/BB-. Via JPM (B&D)/GS jt glocos and physical books. No reg rights. List ISE. NY law. Roadshow today-Weds (investor call at 11am UKT today). UOP: along with EUR183.7m cash cash on hand, to fund a EUR473.7m dividend. Equity sponsor: Black Diamond Capital Management. Biz: Leading composites and coatings technology producer . HQ: Scanzorosciate, Italy.