Commentary & Deal Flow

Tereos Finance Groupe I SA (TEREOS) EUR300m 144A/Reg S sr notes due April 2031 (6.25y). NC2.25 (50%,25%,par). NR/BB-/BB (positive/positive). Via BNP (logistics)/Natixis (B&D)/ jt glocos and physical books/Rabo jt glocos/Commerz/CIC/ING/GS jt books. No reg rights. List ISE. NY law. CoC at 101. Settles T+5. Roadshow 1x1s 01/07-09 (investor call at 11am UKT 01/07). UOP: repay debt, including the French State gtd term loan (PGE), on or before their maturity dates, and for GCP. Biz: The cooperative agro-industrial group Tereos is a union of more than 12,000 Cooperative Associates and specializes in the processing of sugar beet, sugarcane, cereals, and potatoes. HQ: Mousy-le-Vieux, France.

GIC registration link: https://evercall.co/oacc/72806;

Deal Roadshow: https://dealroadshow.com/e/TEREOS25.