Commentary & Deal Flow

Boels Tophholding BV (BOELST) EUR600m (up from EUR500m) 144A/Reg S sr sec notes due 05/15/30 (6y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. Ba3/BB/NR (negative/stable). Via BNP (B&D)/JPM jt physical books, ABN, ING, Rabo as co-managers. No reg rights. List ISE. NY law. IPT: 6.00% area. Px talk: 5.75%-6.00%. EUR100m upsize to reduce outstanding TLB.

Final terms: EUR600m at 5.75%.

Roadshow Tues-Thurs (investor call at 12:30pm UKT Tues). Books closed at 1:30pm UKT today. Reconfirm by 3:30pm UKT today. Pricing today UK afternoon. UOP: along with EUR23m cash on hand, to fund the purchase price of RIWAL for EUR415m, partially repay EUR200m (up from EUR100m) of Boels' EUR1.25bn TLB. Biz: leading European equipment rental services company. Privately owned (CEO Pierre Boels Jr owns 100%). Biz: equipment rental in Europe. HQ: Sittard, Netherlands. (Acquisition announced March 2024).