Commentary & Deal Flow

Tereos Finance Groupe I SA (TEREOS) EUR300m 144A/Reg S sr notes due 04/30/31 (6.25y). NC2.25 (04/30/27), then at 102.875, 101.4375, 100. Equity claw: 2.25y 40% at 105.75. 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 01/15 (T+5). Reg S ISIN: XS2967912887. Price talk: 5.875% area (+/-12.5bp). Final terms: EUR300m at 5.75%.

Priced: 5.75% at 100. +348.2bp vs DBR 0.00% 02/15/31.

Roadshow 1x1s 01/07-08 (originally ending 01/09) (investor call at 11am UKT 01/07). Books closed at 2:30pm UKT 01/08. (Originally pricing 01/09). UOP: repay debt, including the EUR161m French State gtd term loan (PGE) due July 2025 and $109m other short and mid term bank facilities, on or before their maturity dates, and EUR25m 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.