Commentary & Deal Flow

Toucan FinCo Limited/Toucan FinCo Can Inc/Toucan FinCo US LLC (IPL) $1.275bn equivalent (EUR/US$) 144A/Reg S sr sec notes. Via BofA (USD B&D)/HSBC (EUR B&D) jt glocos, + other jt bookrunners. No reg rights. Interest pays Nov 15 and May 15, first pay 11/15/25 is payable entirely by increasing the principal amount of the outstanding notes. After the 1st interest period, interest will accrue and be payable solely in cash. List ISE.

    - $975m sr sec notes due 2030 (5y). NC2 (par + 50%). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. CoC at 101. IPT: low-to-mid 9s.

    - EUR ($300m EUR-equivalent) sr sec notes due 2030 (5y). NC2 (par + 50%). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. CoC at 101. IPT: low-to-mid 8s.

Roadshow 04/29-05/01 (investor call at 3pm NYT / 8pm UKT 04/29). UOP: along with cash on hand, to refinance existing debt, and to fund an equalization payment to the IPL Shareholders, in connection with the merger with Schoeller. Biz: The new combined entity is a leading manufacturer of sustainable rigid plastic solutions with established positions in North America and Europe, established by merging the businesses of the IPL Group and Schoeller Allibert.

Netroadshow link: https://www.netroadshow.com/nrs/home/#!/?show=b2107533 (Entry code: IPLP25).