Commentary & Deal Flow

Tereos Finance Groupe I SA (TEREOS) EUR300m 144A/Reg S sr notes due April 2030 (6y) NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. NR/BB-/BB (--/positive/positive). Via BNP (logistics)/Natixis (B&D) physical books/Rabo jt glocos/Commerz/CIC/ING/GS jt books. No reg rights. List ISE. NY law.

Price talk: 6.00% area (+/- 12.5bp).

Roadshow 1x1s Mon-Tues (investor call at 10:30am UKT Mon). Books close at 1pm UKT today. Pricing today UK afternoon. UOP: along with EUR5m cash on hand, to partially redeem EUR3000m of its EUR425m 7.50% sr notes due 10/30/25 on or before the 10/15/24 call date (currently callable at 101.875, at 100 on 10/15/24). Biz: The cooperative agro-industrial group Tereos is a union of more than 12,000 Cooperative Associates and specializes in the processing of sugar beet, sugarcane, cereals, and potatoes. HQ: Mousy-le-Vieux, France.