Commentary & Deal Flow

Getlink SE (GETFP) EUR600m Reg S green sr sec notes due 04/15/30 (5y). NC2 (04/15/27) (MWC B+50bp), then at 102.063, 101.031, 100. Equity claw: 2y 40% at 104.125. Special call: 10% per year the first 2 years at 103. NR/BB+/BB+ (--/stable/stable). Via GS/SocGen joint glocos and physical books. List Lux. English law. CoC at 101. Settles 04/04 (T+6). ISIN: XS2937174196. IPT: mid 4s. Price talk: 4.375% area (+/-0.125%). Revised price talk: 4.125%-4.25% (WPIR). 

Priced: 4.125% at 100. +179.5bp vs DBR 0% 02/15/30.

Originally 5.5y maturity. Roadshow (virtual small group meetings) 03/25-26 (investor call 10:30am UKT 03/25). Books closed at 12pm UKT 03/27. Reconfirms were due by 2pm UKT 03/27. UOP: along with EUR254m cash on hand, to redeem its EUR850m 3.50% green sr sec notes due 10/30/25 (callable at 100) and/or finance or refinance eligible green assets or projects. Biz: A leading operator of mobility and infrastructure assets; it is the parent company of Eurotunnel, the leader in cross-Channel transportation, the owner of Europorte, the leading private rail freight operator in France, and the owner of ElecLink, the electrical interconnector between the UK and France. HQ: Paris, France.