Commentary & Deal Flow

SCIL IV LLC/SCIL USA Holdings LLC (Polynt) (PLYIM) EUR300m 144A/Reg S sr sec notes due 2028 (5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the 1st 2ys at 103. B1/BB- (stable/stable). Via JPM (B&D)/GS jt glocos and physical books. No reg rights. List ISE. NY law. IPT: low-to-mid 9s. Px talk: 9.50% area.

Final terms: EUR300m at 9.50%.

Roadshow Mon-Weds (investor call at 11am UKT Mon). Books closed at 1pm UKT today. Pricing today UK afternoon. 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.