Commentary & Deal Flow

Boels Topholding BV (BOELST) EUR400m 144A/Reg S sr sec notes due 02/15/29 (5.5y). NC2 (09/15/25) (MWC B+50bp), then at 103.125, 101.5625, 100. Equity claw: 2y 40% at 106.25. Special call: 10% per year the 1st 2 years at 103. Ba2/BB (stable/stable). Via BNP sole physical books/ING/JPM jt glocos and jt books, ABN, Rabo as co-managers. No reg rights. List ISE. New York law. Pays Feb 15 and Aug 15, starting 02/15/24. Settles 09/21 (T+10). Reg S ISIN: XS2679767082. IPT: mid-to-high 6s. Px talk: 6.375% area (+/- 0.125%).

Priced: 6.25% at 100. +367bp vs DBR 0% 1/15/28.

Roadshow Tues-Weds (global investor call at 10:30am UKT Tues). Books closed at 1pm UKT today.UOP: partially repay and cancel EUR200m of its existing EUR1.45bn term loan B and repay in full the EUR131.6m drawn on its revolver, and EUR62.1m for cash on the B/S. Privately owned (CEO Pierre Boels Jr owns 100%). Biz: equipment rental in Europe. HQ: Sittard, Netherlands.