Commentary & Deal Flow

+++Corrects call structure in the headline: NC2 (not NCL)+++

CECONOMY AG (CECGR) EUR500m 144A/Reg S sustainability-linked sr notes due 2029 (5y). NC2 (50%,25%,par, in each case of coupon plus 0.375% if SPT is not met). (Existing NR/BB-)/BB (--/--/stable). Via BNP/DB/JPM (B&D)/SocGen jt glocos and active books/Commerz/DZ/ING/UniCredit jt books, Caiza, CIC, Helaba, RBI, Santaner as co-managers. No reg rights. List Lux. NY law. Roadshow (small group 1x1s) 06/24-26 (investor call at 10:15am UKT 06/24). UOP: refinance its EUR500m 1.75% sr notes due 06/24/26 (callable at MW B+40bp).

Sustainability Performance Target (SPT): reduction in absolute scope 3 category 11 emissions of 14.8% by 30 September 2027 from a baseline year ending 30 September 2022.

Interest step-up mechanism: +0.375% per annum unless the Issuer has certified that the SPT has been achieved as of 30 September 2027.

Netroadshow: www.netroadshow.com/nrs/home/#!/?show=7718d7cb; Deal entry code: PHOENIX (not case-sensitive).

Biz: Leading omnichannel consumer electronics retailer in Europe operating under its brands MediaMarkt and Saturn. HQ: Dusseldorf, Germany.