Commentary & Deal Flow

Afflelou (AAFFP) EUR560m 144A/Reg S sr sec notes due 2029 (5y). NC2 (MWC B+50bp). Equity claw: 3y. B2/B/B+ (stable/stable/stable). Via MS (B&D)/CA/GS jt glocos and books. No reg rights. List Dublin. NY law. CoC at 101.

IPT: 6.50%-6.75%.

Roadshow (small group meetings) 07/15-16 (investor call 11am UKT 07/15). UOP: along with EUR90m cash on hand, to fund the tender offer for its EUR460m 4.25% sr sec notes due 05/19/26 (100 tender price, dealer managers CA/GS/MS), redeem its EUR75m sr sub FRN due 05/19/27 at 102, and EUR91m shareholder distribution. Equity sponsors: Lion Capital (71.25%) (Alain Afflelou and his family 28.5%). Biz: a leading optical and hearing aid franchisor with over forty years of experience and a strong presence in its core markets, France and Spain. HQ: Paris, France. Investor call registration link: https://www.netroadshow.com/events/login?show=f82d56ac&confId=68672. NetRoadshow: www.netroadshow.com and enter the deal entry code: Theia2024 (not case-sensitive).