Commentary & Deal Flow

HT Troplast GmbH (profine) (PRFINE) EUR380m 144A/Reg S sr sec notes due 2028 (5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. B2/B (stable/stable). Via JPM (B&D)/DB jt glocos and jt physical books/Commerz jt books. No reg rights. List ISE. NY law.

IPT: mid-high 9s.

Roadshow Tues-Weds (investor call at 11am UKT Tues). UOP: redeem its EUR340m 9.25% sr sec notes due 07/15/25 (callable at 102.313), fund a EUR20m distribution to shareholders, GCP. Profine is privately owned with the CEO Peter Msorik owning about 95%. Biz: producer of PVC window and door profile systems and solutions for use in residential and commercial buildings, marketed under the Kommerling, KBE and Trocal brands. HQ: Primasens, Germany.