Commentary & Deal Flow

HT Troplast GmbH (profine) (PRFINE) EUR380m 144A/Reg S sr sec notes due 07/15/28 (5y). NC2 (MWC B+50bp), then at 104.688, 102.344, 100. Equity claw: 2y 40% at 109.375. 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. Settles 07/17 (T+7). Reg S ISIN: XS2649707846. IPT: mid-high 9s. Px talk: 9.50% area.

Priced: 9.375% at 100. +661bp vs OBL 2.40% 10/19/28.

Roadshow Tues-Weds (investor call at 11am UKT Tues). Books closed at 2pm today. 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.