Commentary & Deal Flow

Shift4 Payments LLC/Shift4 Payments Finance Sub Inc (FOUR) EUR680m 144A/Reg S sr notes due 2033 (8y). NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. Ba3/BB-/BB (stable/stable/stable). Via GS (B&D) physical books/Citi/WFS/Barc/Citizens/Santander jt books. No reg rights. List ISE. NY law. CoC at 101. SMR at 101 if the acquisition is not completed by 02/16/26. Settles T+3. Investor call at 1:30pm UKT 05/01. Pricing next week. UOP: along with $279m cash on hand, $875m (8.75m shares at $100) series A mandatory cvt pfd priced 04/30 and US$1bn term loan B, to fund the acquisition of Global Blue Group Holding AG for $7.50 per share, or a total enterprise value of approx $2.5bn ($1.97bn equity and $660m repayment of Global Blue net debt), and GCP. Biz: a leading independent provider of integrated payment processing and technology products and services in the US. HQ: Center Valley, PA. (Acquisition announced 02/18/2025).