Commentary & Deal Flow

Tereos Finance Groupe I SA (TEREOS) EUR300m 144A/Reg S sr notes due 04/30/30 (6y) NC2 (04/30/26) (MWC B+50bp), then at 102.938, 101.469, 100. Equity claw: 2y 40% at 105.875. 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. Settles 06/18 (T+5). Reg S ISIN: XS2838492101. Price talk: 6.00% area (+/- 12.5bp).

Priced: 5.875% at 100. +323.7bp vs DBR 6.25% 01/04/30.

Roadshow 1x1s Mon-Tues (investor call at 10:30am UKT Mon). Books closed at 1pm UKT today. 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.