Commentary & Deal Flow

Banijay Entertainment SAS (BANIJA) EUR910m (EUR/USD) equivalent 144A.Reg S sr sec notes two-part due 2029 (5.5y). NC2 (MWC B/T+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. B1/B+/BB- (stable/stable/stable). List ISE. NY law. No reg rights. Settles T+5.

- EUR540m (from EUR350m minimum). Via CA (physical)/Natixis (B&D, physical)/SocGen (physical)/BNP/DB jt glocos and jt books. IPT mid-high 7s. Px talk 7.25% area. Revised px talk: 7.00% area. Final terms: EUR540m 7.00% yield.

- USD400m (from USD400m minimum and USD350m minimum). Via DB (B&D, physical)/BNP (physical)/CA/Natixis/SocGen jt glocos/GS jt books. IPT low-mid 8s. Px talk 8.25% area (unchanged). Final terms: USD400m 8.125% yield.

Did investor calls 09/07-11 (global investor call at 3:30pm UKT / 10:30am NYT 09/07). Books closed: US$ at 3pm NYT yesterday (10am UKT today for European investors), EUR at 10am UKT today. Pricing today. UOP: redeem its EUR575m 3.50% sr sec notes due 03/01/25 (callable at 100.875) and USD348m 5.375% sr sec notes due 03/01/25 (callable at 101.344). Biz: independent content production company. It creates, develops, produces, sells, and distributes audio-visual content to broadcasters and streamers, through a global portfolio of production companies across 21 countries. HQ: Paris, France.