Commentary & Deal Flow

+++Corrects Gilt spread: +435bp (not +425bp)+++

Edge Finco PLC (EVRi) (EDFINC) GBP725m (up from GBP500m) 144A/Reg S sr sec notes due 08/15/31 (7y). NC3 (08/15/27) (MWC G+50bp), then at 104.063, 102.031, 100. Equity claw: 3y 40% at 108.125. 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, Intesa as co-manager. No reg rights. List ISE. NY law. CoC at 101. Settles 10/11 (T+6). Reg S ISIN: XS2914010157. 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.

Priced:: 8.125% at 100. +435bp vs UKT 0.25% 07/31/31.

Roadshow: 09/30-10/01 (09/30 virtual, 10/01 London - City) (investor call at 12:30pm UKT 09/30). Books closed at 1:30pm UKT (from 12pm UKT) 10/03. UOP: along with GBP675m equivalent (down from GBP900m EUR-denominated sr sec term loan B via BNP/HSBC+ (commitments due 12pm 10/03), GBP65m cash on hand, 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) and complete the acquisition financing. 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.