Commentary & Deal Flow

BE Semiconductor Industries NV (BESI) (BESINA) EUR350m 144A/Reg S sr notes due 07/15/31 (7y). NCL (MWC B+50bp (6mo par call)). Equity claw: 3y 40% at 104.50. NR/BB+/BB+ (--/stable/stable). Via MS (B&D) sole gloco and physical books. No reg rights. List ISE. NY law. HY-lite covenant package. CoC at 101. Settles 07/17 (T+5). Reg S ISIN: XS2858130771. IPT: 5.00%-5.125% yield, ms+219-231bp. Price talk: 4.75%-5.00% yield, ms+196-221bp. Revised price talk: 4.50%-4.75% yield, ms+172-197bp.

Priced: 4.50% at 100. +209bp vs DBR 0% 08/5/32.

Roadshow 07/08-09 (investor call at 12pm UKT 07/08). Books closed at 2:45pm (from noon) UKT 07/10. UOP: GCP, including potential acquisitions. Biz: a leading manufacturer of assembly equipment for the semiconductor industry. HQ: Duiven, the Netherlands. NetRoadshow investor call link: https://www.netroadshow.com/ev...;confId=68287 (or deal entry code: Barcleona2024).