Commentary & Deal Flow

Nexans SA (NEXFP) EUR575m (up from EUR500m (exp)) Reg S bearer fixed sr unsec notes due 05/29/29 (5y). NCL (MWC B+30bp) (3mo par call) (75% clean-up call). NR/BB+ (--/stable). Via GS (B&D) gloco/DB jt active books. List Euronext Paris. French law. Annual pay (Act/Act) starts 05/29/25. SMR at 101 if the La Triveneta Cavi acquisition has not closed by 12/31/24. Settles 05/29 (T+5). ISIN: FR001400Q5V0. IPT: 4.375% area. Guidance: 4.25% area. Final terms: EUR575m 4.125% at 99.447, yield 4.25%.

Priced: 4.125% at 99.447, yield 4.25%. +172bp vs DBR 0.25% 02/15/29.

Did a series of small group fixed income investor calls yesterday (global investor call at 12:00 UKT / 13:00 CET yesterday). GS coordinated logistics. Books closed at 4pm (from 2pm) UKT today. UOP: finance the acquisition of La Triveneta Cavi SpA and/or for GCP. Biz: leader in the design and manufacturing of cable systems and services and key driver for the world’s sustainable electrification, HQ: Paris, France. (Acquisition announced 02/09/2024.