Commentary & Deal Flow

Elior Group SA (ELIOR) EUR500m Reg S sr notes due 2030 (5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. --/B+/B+ (--/stable/positive). Via BNP (B&D)/CA jt physical books/JPM/Natixis jt glocos/BBVA/CIC/GS/Rabo/SocGen jt jt books. List Lux. NY law. CoC at 101. Settles T+9. ISIN: XS2980875376.

IPT: 6.25%-6.50%.

Roadshow (1-on-1s) 01/20-22 (investor call at 11:30am UKT 01/20). Pricing 01/22. UOP: along with a EUR152m draw on a new EUR430m revolver and EUR91m cash on hand, to fund the tender offer for its EUR550m 3.75% sr notes due 07/15/26 (100 purchase price, BNP/CA dealer managers) and repay the EUR180m drawn on its existing revolver. Parent: Derichebourg SA. Biz: leading intl player in contract catering and services. HQ: Paris, France.