Commentary & Deal Flow

Wepa Hygieneprodukte GmbH (WEPAHY) EUR250m 144A/Reg S sr sec notes due 01/15/31 (7y). NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 35%. B1/B+ (stable/positive). Via HSBC (gloco, B&D)/DB jt physical books/JPM jt books, Commerz as co-managers. No reg rights. List ISE. German law. IPT: 6% area.

Px talk: 5.75%-5.875%.

Roadshow (in-person) Mon-Weds. Books close at 1pm UKT today. Pricing today UK afternoon. UOP: redeem in full its EUR200m sr sec FRN due 12/15/26 (callable at 100), pay a EUR20m dividend, GCP, including M&A. Biz: Leading European, family-owned (Krengel family) producer and supplier of tissue products (toilet paper, kitchen towels, facial tissues, napkins, industrial paper rolls and paper towels). HQ: Arnsberg, Germany.