Commentary & Deal Flow

Priced yesterday: Air Baltic Corporation AS (AIRBAL) EUR340m (up from EUR300m) 144A/Reg S sr sec notes due 08/14/29 (5.25y). NC2 (05/14/26) (MwC B+50bp), then at 107.25, 103.625, 100. Equity claw: 2y 40% at 114.50. 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 Feb 14, May 14, Aug 14, Nov 14, starting 08/14/24. Trade date 05/07. Settles 05/14 (T+5). Reg S ISIN: XS2800678224. Price talk: 15% area. Final terms: EUR340m 14.50% at par.

Priced: 14.50% at 100. +1,213bp vs DBR 0% 08/15/29.

Roadshow 04/29-05/06. Recommits were due by 4:15pm UKT yesterday. Final books over EUR850m. 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.