Commentary & Deal Flow

Amber Finco PLC (Applus) (AMBRFN) EUR895m (up from 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. IPT: low 7s. EUR100m upsize moved from the term loan B.

Px talk: 6.75%-7.00%.

Did investor call at 10:30am UKT 07/01. Books close at 1:15pm UKT 07/04. Pricing 07/04 afternoon. UOP: along with EUR800m (down from EUR900m) (EUR375m conditional on IDIADA successful tender) sr sec term loan B and EUR60m in cash on hand, to fund the LBO of Applus by TDR Capital and I Squared (EUR11 per share), repay EUR267.1m bridge loan incurred to repay existing debt, and repay EUR572m of existing debt. The sponsors will contribute EUR1.24bn in cash equity. Biz: global leader in mission critical testing, inspection and certification (TIC) services. HQ: Barcelona, Spain (Acquisition announced 09/14/2023).