Commentary & Deal Flow

Sisecam UK Plc, exp B2/NR/BB- and Guaranteed by Turkiye Sise ve Cam Fabrikalari AS, US$1.1bn 144A/Reg S 2-part (5nc2 due 5/2/29 and 8nc3 due 5/2/32).BofA/Citi (B&D)/HSBC/JPM joint books. 5nc2: CoC 100, MWC T+50 until 5/2/26, Standard Call: YR2 at par +50%; YR3 at par +25%; YR4 at par. 8nc3: CoC 100, MWC T+50 until 5/2/27, Standard Call: YR3 at par +50%; YR4 at par +25%; YR5 at par. UOP: Repayment of short-term bank loans; general corporate purposes, including capital expenditures within the Group and paying expenses relating to the issuance of the Notes of each Series. Marketing: https://www.netroadshow.com/nrs/home/#!/?show=45f3641e (Recommended) OR https://www.netroadshow.com | deal entry code: SISECAM24 (not case-sensitive). Pricing 4/24. Settle 5/2.

IPTs: 5nc2 8.75% area, 8nc3 9.25% area.

GUIDANCE: 5nc2 8.375%-8.50%, 8nc3 8.875%-9%.

LAUNCHED:
$500m 5nc2 at 8.25%.
$600m 8nc3 at 8.625%.