Commentary & Deal Flow

Eutelsat SA (ETLFP) EUR600m 144A/Reg S sr notes due 2029 (5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Expect Ba3/B+/BB+. Via BNP (B&D)/CA/SocGen jt glocos and active jt books, GS/Helaba/IMI passive jt books. List ISE. NY Law. Settles 04/08. Investor call at 9am UKT today, Q&A sessions to follow. Pricing Tues/Weds. UOP: along with EUR217.3m cash on hand, to fund the tender offer for its EUR800m 2.00% sr notes due 10/02/25 (98.00 tender price, BNP/CA/SocGen dealer managers). Biz: a leading telecommunications satellite operator. HQ: Issy-les-Moulineaux, Paris, France.