Commentary & Deal Flow

+++Updates with full maturity date and Bund spread++

MAHLE GmbH (MAHLGR) EUR500m (up from EUR400m) 144A/Reg S sr gtd notes due 05/02/31 (7y). NC3 (MWC B+50bp), then at 103.25, 101.625, 100. 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 05/02 (T+5, T+6 US biz days). Reg S ISIN: XS2810867742. IPT: high 6s. EUR100m upsize for GCP, including future debr repayment. Px talk: 6.50%-6.75%.

Priced: 6.50% at 100. +399bp vs DBR 0% 08/15/31.

Roadshow 1-on-1s Mon-Weds (global investor call at 11am UKT Mon). Books closed at 2:30pm UKT today. 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.