Commentary & Deal Flow

Eregli Demir ve Celik Fabrikalari TAS, exp B3/B+ (p/p) by Moody's/Fitch, US$750m 144A/Reg S 5y sr notes due 7/23/29. 101 CoC. BofA (B&D)/BNP/Citi (JGCs/JBRs)/BBVA/ENBD/SG (JBRs). Law / Listing: English Law / Euronext Dublin (GEM). Covenants: Debt incurrence test threshold of 3.5x consolidated Net Debt/EBITDA, with baskets for Isdemir and other subsidiaries. UOP: general corporate purposes including financing capital expenditures. Deal Roadshow Link: https://dealroadshow.com/e/ERDEMIR724. Pricing 7/16. Settle 7/23 (T+5). Orderbooks over US$2.0bn.

IPTs: 9%-low 9%.

GUIDANCE: 8.75% area. Size expected $500-$600m.

FINAL TERMS: US$750m at 8.625% yield.

PRICED: $750m 8.375% 7/23/29 99.002 8.625%.