Commentary & Deal Flow

+++Corrects Moody's outlook: positive (not stable)+++

Mangrove LuxCo III Sarl (Kelvion) (MANGRV) EUR425m sr sec FRN due 2029 (5y). NC1 (MWC B+50bp) (par). B3/B (positive/stable). Via DB (B&D)/JPM jt physical books/Commerz/ING/NatWest/UniCredit jt glocos and books. No reg rights. NY law. List ISE. CoC at 101. IPT: 3mE+525bp (0% floor) at 98.00-98.50.

Price talk: 3mE+525bp (0% floor) at 98.50-99.00.

Roadshow 07/02-04 (investor call at 11am UKT 07/02). Books close at 12:30pm UKT 07/04. Pricing 07/04 UK afternoon. UOP: redeem its existing EUR371.8m 7.75% gtd sr sec notes due 10/09/25 in full, and EUR36.7m for GCP, including EMEA footprint alignment and capex. Equity sponsor: Triton Partners. Biz: A leading global provider of mission critical heat exchanger solutions with diversified presence across EMEA, Americas and APAC. HQ: Herne, Germany. NetRoadshow / GIC Registration: https://www.netroadshow.com/ev...;confId=67817