Commentary & Deal Flow

Rubis Terminal Infra (RUBIST) EUR410m 144A/Reg S sr sec notes due May 15, 2025 (5y). NC2 (MWC B+50bp), then at102.8125, 101.4063, 100. Equity claw: 2y 40% at 105.625. Special call: 10% per year the 1st 2 years at 103. B1/B+ (stable/stable). Via JPM (sole phys/B&D)/CA jt glocos/SocGen joint books. No reg rights. List TISE (Channel Islands). Settles May 19 (T+3). Reg S ISIN: XS2178048257. IPT: 6% area. Px talk: 5.75% area. Launched: EUR410m at 5.625%.

Priced: 5.625% at 100. +637bp vs OBL 0% 04/11/25.

Did investor call at 11am UKT May 11. 1x1 calls until this morning. Books closed at 1pm UKT today. UOP: along with EUR75m sr sec revolver, to refi debt (Rubis SCA's shareholder loans and external debt at some subsidiaries). Biz: leading independent storage provider of petroleum products, chemicals, agro products and fertilizer in Europe, owned by Rubis SCA (54.8%), a french-listed major intl energy group, and I Squared Capital (45%). HQ: Paris, France.