Commentary & Deal Flow

Amber Finco PLC (Applus) (AMBRFN) EUR895m (up from EUR795m ) 144A/Reg S sr sec notes due 07/15/29 (5y). NC2 (MWC B+50bp), then at 103.313, 101.656, 100. 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. Settles 07/16 (T+8). Reg S ISIN: XS2857868942. IPT: low 7s. EUR100m upsize moved from the term loan B. Px talk: 6.75%-7.00%. Final terms: EUR895m at 6.625%.

Priced: 6.625% at 100. +410bp vs DBR 0.00% 08/15/29.

Did investor call at 10:30am UKT 07/01. Books closed at 2:15pm (originally closing at 1:15pm) UKT 07/04. 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).