Commentary & Deal Flow

Fnac Darty SA (FNACFP) EUR500m Reg S only sr notes due 2029 (5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. NR/BB+/BB+ (--/negative/stable). Via BNP (B&D)/CA jt physical books/Natixis/SocGen jt glocos/BBVA/Belflus/Caixa/CIC/Banque Postale jt books. List Dublin. NY law. IPT: high 6s.

Px talk: 6.25%-6.50%.

Roadshow yesterday-today (investor call at 10am UKT yesterday). Books close at 1:30pm UKT today. Pricing today UK afternoon. UOP: along with EUR109m cash on hand, to tender for/redeem all of its EUR300m 1.875% sr notes due 05/30/24 (100 purchase price, callable at 100) and partially tender for/redeem EUR300m of its EUR350m sr unsec notes due 05/30/26 (purchase price 100, callable at 100 on 05/30). Principal shareholders Vessa Equity Investment (30%), Ceconomy Retail Intl (24%) and GLAS SA (11%) (31% public float). Biz: the leading omnichannel retailer in consumer electronics, domestic appliances, editorial products in France, and relevant market positions in Benelux, Iberia and Switzerland. HQ: Ivry-sur-Seine, Paris, France.