Commentary & Deal Flow

Albion Financing 1 Sarl/Aggreko Holdings Inc (AGKLN) US$2.085bn equivalent (EUR/USD) 144A/Reg S sr sec notes 2-part. Existing B1/BB-/BB+ (stable/stable/stable). No reg rights. List ISE. NY law. Indicative currency split: 50/50.

    - EUR TBD sr sec notes due 2030 (5y). NC2 (50%,25%, par). Via Barc (B&D)/DB/JPM jt physical books/HSBC/Lloyds/Santander/StanChart jt glocos/BofA/Citi/FAB/GS/IMI/Mizuho/MS/MUFG/NatWest/SMBC Nikko/UBS jt books. IPT: 6.00%-6.25%.

    - US$ TBD sr sec notes due 2030 (5y). NC2 (50%,25%, par). Via JPM (B&D) sole physical books/DB/JPM/HSBC/Lloyds/Santander/StanChart jt glocos/BofA/Citi/FAB/GS/IMI/Mizuho/MS/MUFG/NatWest/SMBC Nikko/UBS jt books. IPT: 7.75% area.

Roadshow (virtual) 05/12-13 (investor call 3:30pm UKT / 10:30am NYT 05/12).  UOP: repay its US$565m 6.125% sr sec notes due 10/15/26 (callable at 101.531), EUR450m 5.25% sr sec notes due 10/15/26 (callable at 101.313), and US$450m 8.75% sr notes due 04/15/27 (callable at 102.188), repay $177m preference shares, fund $325m dividend. Equity sponsor: I Squared Capital (50%) and TDR (50%). Biz: supplier of power generation and temperature control equipment. HQ: Glasgow, Scotland.

Netroadshow link: https://urldefense.com/v3/__https:/www.netroadshow.com/events/login?show=233d0986&confId=82539__;!!G7x19LdBoP0e!kNrmW3VJoVXuDhTjZwWvrG7cNFpys-FbQX4w42DTEZySM4s-MTALSY3Thl0n5edg8pFQ8lr3xLvtC9-65vvA7A$