Commentary & Deal Flow

ITM Enterprises (Les Mousqetaires) (ITMENT) EUR300m (from EUR300m expected size) Reg S bearer sr notes due 07/22/29 (5y). NCL (MWC) (3m par call) (80% clean-up call). CoC 101. Not rated. Via CA (B&D)/SocGen jt glocos/BNP/CIC/Natixis jt active books/La Banque Postale/HSBC/ING jt passive books. Annual pay (Act/Act). Settles 07/22 (T+5). ISIN: FR001400RIT6. IPT 6.125% area, ms+335bp.

Guidance: 5.875% area +/- 12.5bp (WPIR).

Books subject at 12:35pm UKT 07/15. Pricing 07/15 UK afternoon. Books in excess of EUR900m. UOP: GCP and/or to refinance in part the bridge facility provided in connection with the acquisition of Casino's stores. Biz: Frances largest supermarket group. HQ: Bondoufle, France.