Commentary & Deal Flow

Edge Finco PLC (EVRi) (EDFINC) GBP725m (up from GBP500m) 144A/Reg S sr sec notes due 2031 (7y). NC3 (MWC G+50bp) (50%,25%,par). Equity claw: 3y 40%. Special call: 10% per year the 1st 3 years at 103. B2/B+ (stable/stable). Via BNP/HSBC (B&D) jt physical books/Barc/UBS jt glocos/Apollo/Lloyds/Santander/StanChart/SMBC Nikko jt books. No reg rights. List ISE. NY law. CoC at 101. IPT: 8.50% area (+/-12.5bp). $225m upsize shifted from the EUR term loan B, which is now GBP675m equivalent. Total financing amount remains GBP1.4bn equivalent across the term loan and sr sec notes.

Price talk: 8.25% area (+/- 12.5bp) - no change.

Roadshow: 09/30-10/01 (09/30 virtual, 10/01 London - City) (investor call at 12:30pm UKT 09/30). Books close at 1:30pm UKT (from 12pm UKT) 10/03. Pricing 10/03 UK afternoon. UOP: along with GBP57m equivalent (down from GBP900m EUR-denominated sr sec term loan B via BNP/HSBC+ (commitments due 12pm 10/03), GBP55m revolver draw, GBP105 cash on target B/S, to repay the GBP500m bridge loan incurred to fund the acquisition of Evri by Apollo from Advent Intl for around GBP2.4bn total value (GBP1.3bn equity value). Apollo will contribute GBP985m in cash equity. Biz: parcel delivery service in the UK, HQ: Leeds, UK. (Acquisition announced 07/25/2024, and closed 08/23/2024). Evercall: https://evercall.co/oacc/57415. Deal Roadshow: https://dealroadshow.com/e/EVRIGIC24.