Commentary & Deal Flow

IPD 3 BV (Infopro Digital) (IPDEBV) EUR620m 144A/Reg S sr sec notes due June 2031 (6y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year, the first 2 years at 103. IPO call: up to EUR300m the 1st 2 years at 102. Expect B2/B/B+. Via BNP/JPM (B&D) jt glocos and jt physical books/BofA/DB/MS jt books. No reg rights. List Lux. NY law. CoC at 101.

IPT: 6.00%-6.25%.

Roadshow (small group 1x1s) 04/28-29 (investor call at 1m UKT 04/28). UOP: refinance existing EUR590m 8.00% sr sec notes due 06/15/28 (MWC B+50bp). Equity sponsor: TowerBrook (69.1%). Biz: a leading B2B information services provider. HQ: Antony, France; Schiphol, The Netherlands. Dealroadshow: https://dealroadshow.com/e/INFOPRO25IP