Commentary & Deal Flow

EM/HY WE Soda (WESODA), rated BB- (Positive) by S&P and BB- (Stable) by Fitch, has mandated BNP/GS/JPM as jt glocos/Bank of China/DB/Emirates NBD/MUFG/ PNC jt books, to arrange a Global Investor Call at 9.30 AM UK time on Monday 5 February 2024 along with a series of fixed income investor calls also on Monday 5 February 2024. A RegS/144A US$500m max 7NC3 senior secured notes transaction is expected to follow, subject to market conditions. The proceeds of the offering will be used to refinance WE Soda’s existing debt. Notes are expected to be rated BB- by S&P and BB- by Fitch. Biz: the world's largest producer of natural soda ash with one of the lowest cash costs of production globally (operations are in Turkey, but it exports globally). HQ: London, UK.