Commentary & Deal Flow

MAHLE GmbH (MAHLGR) EUR500m (up from EUR400m) 144A/Reg S sr gtd notes due 2031 (7y). NC3 (MWC T+50bp) (50%,25%,par). Ba2/BB (stable/stable). Via BNP/Citi/DB (B&D)/JPM jt glocos and physical books/Commerz/HSBC/LBBW/UniCredit jt books. List ISE. NY law. Settles T+5. IPT: high 6s. EUR100m upsize for GCP, including future debr repayment.

Px talk: 6.50%-6.75%.

Roadshow 1-on-1s Mon-Weds (global investor call at 11am UKT Mon). Books close at 2:30pm UKT today. Pricing today UK afternoon. UOP: repay EUR299m of its EUR544m promissory notes (Schuldsheindarlehen) and EUR30m private placement corporate bond, and $63m for GCP (EUR100m upsize for GCP, including future debt repayment). Biz: a tier 1 global auto parts supplier. HQ: Stuttgart, Germany.