Commentary & Deal Flow

Pegasus Hava Tasimaciligi AS (PGSUST) exp NR/B+/BB- US$500m 144A/Reg S 7nc3 sr notes due 9/11/31. Optional Redemption: 2027: par +50%, 2028: par +25%, 2029 onward: par. Citi/MS (B&D) as JGCs. JPM/HSBC/SMBC/BCP as JBRs. MWC. 101 CoC. Tax changes call. UOP: fund a cash tender offer for its 2026 notes and for gcp. NetRoadshow Investor Login details: https://dealroadshow.com Entry Code: PHT2024. Direct Link: https://dealroadshow.com/e/PHT2024. Pricing 9/4. Settle 9/11.

IPTs: 8%-low 8%s.

UPDATE: yield set at 8.00%.

PRICED: $500m 8.00% 9/11/31 100.00 8.00%.