Commentary & Deal Flow

Amber Finco PLC (Applus) EUR795m 144A/Reg S sr sec notes due 2029 (5y). NC2 (50%,25%,par). B2/BB-/BB- (stable/stable/stable). Via Barc (B&D)/MS jt glocos and active books/CA/DB/GS/HSBC/StanChart jt books. No reg rights. List Lux. NY law. Investor call at 10:30am 07/01. UOP: along with EUR900m (EUR375m conditional on IDIADA successful tender) sr sec term loan B and EUR26m in cash, to fund the LBO of Applus by TDR Capital and I Squared (EUR11 per share), and repay debt. The sponsors will contribute EUR1.24bn in cash equity. Biz: global lader in mission critical testing, inspection and certification (TIC) services. HQ: Barcelona, Spain (Acquisition announced 09/14/2023).