Commentary & Deal Flow

Eroski S Coop (EROSKI) EUR500m 144A/Reg S sr sec notes due 04/30/29 (5.5y). NC2 (11/30/25) (MWC B+50bp), then at 105.313, 102.656, 100. Equity claw: 2y 40% at 110.625. B2/B+ (stable/stable). Via DB (B&D)/BNP jt glocos, jt physical books/Sabadell/BBVA/Caixa/Norbolsa/Santander jt books. No reg rights. List Lux. NY law. Interest pays May 30 and Nov 30, starting 05/30/24. Trade date 11/16. Settles 11/30 (T+9). Reg S ISIN: XS2711320775. Px talk: 10.50%-10.75%.

Priced: 10.625% at 100. +817bp vs DBR 0.25% 02/15/29.

1x1s Tues-Thurs (investor call at 1pm UKT Tues). Books closed at 4pm 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.