Commentary & Deal Flow

B&M European Value Retail SA (BMELN) GBP250m Reg S sr sec notes due 2030 (7y). NC3 (MWC G+50bp) (50%,25%,par). Equity claw: 3y 40%. Ba1/BB+ (stable/stable). Via HSBC (B&D & logistics)/BNP jt physical books/BofA jt glocos/Lloyds/NatWest/Rabo/Bank of Ireland jt books. List Lux. NY law. IPT: mid 8s.

Px talk: 8.25% area (=/- 0.125%) WPIR.

Virtual roadshow Mon-Tues (investor call at 12:30pm UKT Mon). Books close at 2:30pm UKT today. Pricing today UK afternoon. UOP: to fund the tender offer for up to GBP250m of its GBP400m 3.625% sr sec notes due 07/15/25 GCP (98.00 purchase price, HSBC/BNP/BofA dealer managers) Biz: leading limited assortment discount retailer in the UK with a growing presence in France. HQ: Luxembourg/Liverpool, UK.