Commentary & Deal Flow

+++Updates with the settlement date+++

Kapla Holdings SAS (Kiloutou) (KILOTO) EUR550m (up from EUR500m) 144A/Reg S sr sec notes 2-part. B1/B+ (stable/stable). Via CA (B&D FRN)/JPM (B&D fixed rate) jt glocos and physical books/BNP/Natixis/SocGen jt books. No reg rights. Settles 01/16 (T+5).

- EUR400m (from EUR350m minimum) sr sec fixed rate notes due 04/30/31 (6.25y). NC2 (01/15/27) (MWC B+50bp), then at 102.50, 101.25, 100. Equity claw: 2y 40% at 105.00. Special call: 10% per year the first 2 years at 103. List Lux. NY law. CoC at 101. Reg S ISIN: XS2971567560. IPT: low 5s. Px talk: 5.00%-5.25%. Revised price talk: 4.875%-5.00% WPIR. Final terms: EUR400m at 5.00%. Priced: 5.00% at 100. +273bp vs DBR 0% 02/15/31.

- EUR150m add-on to its FRN due 07/31/30 (5.5y). NC1mo (02/05/25) (MWC B+50bp), then at 100. List Lux. NY law. CoC at 101. Reg S ISIN: XS2756269960. Immediately 144A fungible (Reg S after 40 days) with the original EUR650m issue priced 01/26/24. 3mE+350bp (0% floor). IPT: 100 area. Price talk: 100.125 area (+/-0.125) WPIR. Revised price talk: 100.25. Final terms: EUR150m at 100.25. Priced: 3mE+350bp add-on at 100.25.

Virtual roadshow 01/07-08 (investor call at 12pm UKT 01/07). Books closed at 11am UKT 01/09. Reconfirms were due by 1pm UKT 01/09. UOP: refinance its EUR460m 3.375% sr sec notes due 12/15/26 (callable at 100), repay EUR19m drawn on its revolver, repay EUR14m sr term loan facility (EUR50m upsize for GCP). Equity sponsors: HLD/Dentressangle. Biz: leading European B2B and B2C equipment rental provider. HQ: Villeneuve-d’Ascq, Lille, France.

Netroadshow: https://www.netroadshow.com/nrs/home/#!/?show=7bfb6809 (entry code: KILOUTOU).