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%. Ba3/B+/BB+ (negative/stable/negative). Via BNP (B&D)/CA/SocGen jt glocos and active jt books, GS/Helaba/IMI passive jt books. No reg rights. List ISE. NY Law. Settles 04/08.

Price talk: 10.00%-10.25%.

Did investor call at 9am UKT 03/25, Q&A sessions followed. Books close at 2pm UKT today. Pricing today UK afternoon. 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.