Commentary & Deal Flow

Boels Topholding BV (BOELST) EUR600m (up from EUR500m) 144A/Reg S sr sec notes due 05/15/30 (6y). NC2 (MWC B+50bp), then at 102.875, 101.4375, 100. Equity claw: 2y 40% at 105.75. 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. Settles 05/03 (T+11). Reg S ISIN: XS2806449356. IPT: 6.00% area. Px talk: 5.75%-6.00%. EUR100m upsize to reduce outstanding TLB. Final terms: EUR600m at 5.75%.

Priced: 5.75% at 100. +326bp vs DBR 0.0% 05/15/30.

Roadshow Tues-Thurs (investor call at 12:30pm UKT Tues). Books closed at 1:30pm UKT today. Reconfirm were due by 3:30pm UKT today. 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).