Commentary & Deal Flow

Energia Group ROI FinanceCo DAC (VRDLN) EUR600m 144A/Reg S sr sec notes due July 2028 (5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. Ba2/NR/BB+ (stable/--/stable). Via MS (B&D)/DB jt physical books/Barc/GS jt glocos/BofA/JPM/Lloyds/Natwest jt books. No reg rights. List ISE. NY law. IPT: 7.25% area.

Px talk: 7.00% area.

Roadshow 07/17-19 (investor call at 1pm UKT 07/17). Books close at 1pm UKT today. Pricing today UK afternoon. UOP: along with EUR173m cash on hand, to refinance existing notes (GBP215.5m 4.75% sr sec notes due 09/15/24 (callable at 100) and EUR347.5m 4% sr sec notes due 09/15/25 (callable at 100)), and pay a EUR150m dividend to shareholders (out of existing cash on the B/S). Equity sponsor: I Squared Capital. Biz: an integrated energy business active in the Republic of Ireland and Northern Ireland (renewable and flexible electric power generation and storage, and electric and gas distribution). HQ: Dublin, Ireland.