Commentary & Deal Flow

Eregli Demir ve Celik Fabrikalari TAS (EREGLT), exp B2/B+ by Moody's/Fitch, US$200m tap of 144A/Reg S 8.375% 7/23/29 sr notes ($950m new outstanding). CoC. BofA (B&D)/BNP/Citi (JGCs/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: repayment of short-term bank debt. Deal Roadshow Link: https://dealroadshow.com/e/ERDEMIR724. Pricing 7/29. Settle 8/2. Fungible immediately.

IPTs: 8.25% area.

UPDATE: yield set at 8.125%.

LAUNCHED: yield set at 8.125%. Size set at $200m. Orderbooks ~$315m (books subject).

PRICED: $200m tap of 8.375% 7/23/29 at 101.003, yld 8.125%. Total outstanding now $950m.