Commentary & Deal Flow

Afflelou (AAFFP) EUR560m 144A/Reg S sr sec notes due 07/25/29 (5y). NC2 (07/25/26) (MWC B+50bp), then at 103.00, 101.50, 100.00. Equity claw: 3y 40% at 106.00. 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. Settles 07/25 (T+6). Reg S ISIN: XS2864442376. IPT: 6.50%-6.75%. Price talk: 6.25%-6.50%. Revised price talk: 6.00%-6.25%.

Priced: 6.00% at 100. +365bp vs DBR 0% 08/15/29.

Roadshow (small group meetings) 07/15-16 (investor call 11am UKT 07/15). Books closed at 1;30pm UKT (from 11am UKT) 07/17. 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/ev...;confId=68672. NetRoadshow: www.netroadshow.com and enter the deal entry code: Theia2024 (not case-sensitive).