Commentary & Deal Flow

Boels Tophholding BV (BOELST) EUR500m 144A/Reg S sr sec notes due 2030 (6y). NC2 (50%,25%,par). Expect Ba3/BB/NR. Via BNP (B&D)/JPM jt physical books, ABN, ING, Rabo as co-managers. No reg rights. List ISE. NY law. Roadshow today-Thurs (investor call at 12:30pm UKT today). UOP: fund the purchase price of RIWAL, partially repay TLB. Biz: leading European equipment rental services company. Privately owned (CEO Pierre Boels Jr owns 100%). Biz: equipment rental in Europe. HQ: Sittard, Netherlands.