Commentary & Deal Flow

Air Baltic Corporation AS (AIRBAL) EUR340m (up from EUR300m) 144A/Reg S sr sec notes due 08/15/29 (5.25y). NC2 (60%,25%,par). Equity claw: 2y 40%. NR/B+/B (--/CreditWatch positive/stable). Via BNP (B&D)/Citi/JPM jt glocos/MS/SEB jt books, LHV, Signet Bank as co-managers. No reg rights. List Dublin. English law. Quarterly pay. Settles 05/14 (T+5). Reg S ISIN: XS2800678224. Price talk: 15% area.

Final terms: EUR340m 14.50% at par.

Roadshow 04/29-05/06. Recommits due by 4:15pm UKT today. Pricing today UK afternoon. Books over EUR850m pre-rec. UOP: refinance its EUR200m 6.75% sr notes due 07/30/24 (callable at 101.688), and other debt, as well as for GCP. Biz: the leading airline in the Baltic region with 97.97% state ownership by the Republic of Latvia. HQ: Riga, Latvia. Shareholder support: Government of Latvia received parliamentary approval to provide support via an order in the bond issuance of up to EUR136.1m.