Commentary & Deal Flow

Azelis Finance NV (AZELIS) EUR600m 144A/Reg S sr notes due 09/25/29 (5y). NC2 (09/25/26) (MWC B+50bp), then at 102.375, 101.1875, 100. Equity claw: 2y 40% at 104.75. NR/BB+/BB+ (--/stable/stable). Via BNP (B&D)/HSBC jt glocos/GS/ING/JPM/KBC jt books. No reg rights. List Lux. NY law. CoC at 101. Settles 09/25. Reg S ISIN: BE6355549120. IPT: high 4s-5.00%. Price talk: 4.75%-4.875%.

Priced: 4.75% at 100. +278bp vs OBL 2.50% 2029.

Roadshow (1-on1s) 09/09-10 (investor call at 10:30am UKT 09/09). Books closed at 12:30pm UKT 09/11. UOP: along with a new EUR600m term loan, to refinance the existing EUR900m and GBP (EUR152.2m equivalent) term loans maturing in 2026, the EUR28.5m portion of the outstanding Assignable Loan Notes (Schuldsheindarlehen) due in 2025, and EUR113m GCP. Equity sponsors: EQT (36%), the rest is publicly listed. Biz: a leading global specialty chemicals and food ingredients distributor. HQ: Antwerp, Belgium. Investor call link: https://evercall.co/oacc/88376.