Commentary & Deal Flow

Fnac Darty SA (FNACFP) EUR550 (up from EUR500m) Reg S only sr notes due 04/01/29 (5y). NC2 (MWC B+50bp), then at 103.00, 101.50, 100. Equity claw: 2y 40% at 106.00. 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. Settles 03/28 (T+7). ISIN: XS2778270772. IPT: high 6s. Px talk: 6.25%-6.50%. Final terms: EUR550m at 6.00%.

Priced: 6.00% at 100. +357bp vs DBR 2.10% 04/12/29.

Roadshow yesterday-today (investor call at 10am UKT yesterday). Books closed at 1:5pm UKT (from 1:30pm UKT) today. UOP: along with EUR59m (down from 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) (EUR50m upsize reduces use of cash on hand). 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.