Commentary & Deal Flow

Wepa Hygieneprodukte GmbH (WEPAHY) EUR250m 144A/Reg S sr sec notes due 01/15/31 (7y). NC3 (MWC B+50bp), then at 102.813, 101.406, 100. Equity claw: 3y 35% at 105.625. 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. Settles 01/31 (T+10). Reg S ISIN: DE000A3824W1. IPT: 6% area. Px talk: 5.75%-5.875%. Final terms: EUR250m 5.625% at 99.288, yield 5.75%.

Priced: 5.625% at 99.288, yield 5.75%. +358bp vs DBR 5.50% 01/04/31.

Roadshow (in-person) Mon-Weds. Books closed at 1pm UKT today. 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.