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by Stephen Carter
Nov 19, 2024 12:41 PM ET
B&M European Value Retail SA (BMELN) GBP250m Reg S only sr sec notes due 11/27/31 (7y). NC3 (11/27/27) (MWC G+50bp), then at 103.25, 101.625, 100. Equity claw: 3y 40% at 106.50. Ba1/BB+ (stable/stable). Via BNP (B&D)/NatWest jt glocos and physical books/BofA/HSBC/Lloyds/Rabo jt books. List Lux. NY law. CoC at 101. Semi pay May 27, Nov 27, starting 05/27/25 (30/360 day count). Settles 11/27 (T+6). ISIN: XS2942371274. IPT: mid 6s. Price talk: 6.50% area (+/- 12.5).
Priced: 6.50% at 100. +216bp vs UKT 4.00% 10/22/31.
Roadshow (1x1s) 11/18-19 (investor call 11am UKT 11/18). Books closed at 3pm UKT / 4pm CET 11/19. UOP: redeem its GBP156m 3.625% sr sec notes due 07/15/25 (callable at 100), repay GBP70m drawn on its revolver, add cash to the B/S. Biz: leading limited assortment discount retailer in the UK with a growing presence in France. HQ: Luxembourg/Liverpool, UK. Roadshow/investor call: https://evercall.co/oacc/38120.