Commentary & Deal Flow

Assemblin Caverion Group AB (publ) EUR800m 144A/Reg s sr sec notes 2-part. Expect B2/B/B. Via DB (B&D fixed)/JPM (B&D FRN) jt physical books/Danske/DNB/Nordea jt glocos and Nordic physical books/SEB/Swedbank jt books. No reg rights. List ISE. NY law.

- EUR300 minimum fixed rate notes due 2030 (6y). NC2 (50%,25%,par). IPT 7% area.

- EUR300m minimum FRN due 2031 (7y). NC1 (par). IPT 3mE+ low 400s.

Roadshow today and tomorrow. UOP: in connection with the equity sponsor Triton Investment Advisors combination of its 2 portfolio companies Assemblin Group AB and Caverion Corp, to repay Caverion existing EUR372m credit facilities, repay EUR378m of the EUR500m shareholder bridge loan, the unpaid portion of which will be converted into equity, and fund the Caverion squeeze out of minority shares (5.61%) (EUR70m). Equity sponsor: Triton Partners. Biz: leading Nordic provider of smart & sustainable technical installation and service solutions. HQ: Hagersten, Sweden. (Combination announced 03/05/2024).