Commentary & Deal Flow

HELLENiQ ENERGY Finance plc (ELPEGA) EUR450m (up from EUR400m) Reg S sr notes due 07/24/29 (5y). NCL (3mo par call). Not rated. Via GS (B&D)/Citi jt glocos and physical books/HSBC jt books, Alpha Bank, Eurobank, Natl Bank of Greece, Piraeus Bank as co-lead managers. List Lux. English law. Pays Jan 24 and July 24, starting 01/24/25. Settles 07/24 (T+5). Reg S ISIN: XS2867254224. Price talk: 4.75% area (+/-12.5bp). Revised price talk: 4.375%-4.50%.

Priced: 4.25% at 99.444, yield 4.375%. +202.5bp vs DBR 0.00% 08/15/29.

Roadshow 07/15-16 (investor call 11am UKT 07/15). Books closed at 2pm UKT (from 12:30pm) UKT 07/17. UOP: along with cash on hand, to fund the tender offer for its EUR600m 2% sr notes due 10/04/24 (100 purchase price, Citi/GS/Alpha Bank/Euro Bank/HSBC/Natl Bank of Greece/Piraeus Bank as dealer managers). Major shareholders: Paneuropean Oil and Industrial Holdings SA (40%) and the Hellenic Republic Asset Development Fund (31%). Biz: oil and gas refining, logistics and marketing in Eastern Mediterranean and Southeast Europe. HQ: Mauroussi, Greece.