Commentary & Deal Flow

Eroski S Coop (EROSKI) EUR500m 144A/Reg S sr sec notes due 2029 (5.5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Expect B2/B+. Via DB (B&D)/BNP jt glocos, jt physical books/Sabadell/BBVA/Caixa/Norbolsa/Santanderl jt books. No reg rights. List Lux. NY law. 1x1s today-Thurs (investor call at 1pm UKT today). UOP: along with EUR113m term loan A, the sale of non-core real estate assets for EUR35m and EUR80m cash on hand, to refinance its existing EUR703m syndicated loans (EUR503m term loan due 07/31/24 and EUR200m term loan due 07/31/27). Biz: Spanish grocer cooperative in Spain, and a leading food retailer in Spain with Number 1 positions in the attractive region of Northern Spain. HQ: Elorrio, Spain.