Related Parents
Related Issuers
by Stephen Carter
May 14, 2025 5:41 AM ET
Albion Financing 1 Sarl/Aggreko Holdings Inc (AGKLN) approx US$2.34bn (up from US$2.265bn and from US$2.085bn) equivalent (EUR/USD) 144A/Reg S sr sec notes 2-part. B1/BB-/BB+ (stable/stable/stable). No reg rights. List ISE. NY law. (originally Indicative currency split: 50/50). $180m upsize to increase the dividend distribution. $80m upsize to increase the dividend distribution.
- EUR850m sr sec notes due 2030 (5y). NC2 (MWC B+50bp) (50%,25%, par). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. Via Barc (B&D)/DB/JPM jt physical books/HSBC/Lloyds/Santander/StanChart jt glocos/BofA/Citi/First Abu Dhabi Bank/GS/IMI/Mizuho/MS/MUFG/NatWest/SMBC Nikko/UBS jt books. CoC at 101. IPT: 6.00%-6.25%. Price talk: 5.75% area (+/-12.5bp). Final price talk 5.50% area (+/-12.5bp) WPIR.
- US$1.4bn sr sec notes due 2030 (5y). NC2 (MWC T+50bp) (50%,25%, par). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. Via JPM (B&D) sole physical books/DB/JPM/HSBC/Lloyds/Santander/StanChart jt glocos/BofA/Citi/First Abu Dhabi Bank/GS/IMI/Mizuho/MS/MUFG/NatWest/SMBC Nikko/UBS jt books. CoC at 101. IPT: 7.75% area. Price talk: 7.25%-7.50%. Final price talk: 7.00%-7.25% WPIR.
Roadshow (virtual) 05/12-13 (investor call 3:30pm UKT / 10:30am NYT 05/12). Books closed: EUR at 10am UKT 05/14, US$ at 5pm NYT 05/13. Recommitments due: EUR12:30pm UKT 05/14, US$ 10:30am NYT 05/14. Pricing 05/14. 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 $580m (up from $50sm andd $323m) dividend ($80m and $180m upsizes to increase the dividend). Equity sponsor: I Squared Capital (49%) and TDR (49%). Biz: supplier of power generation and temperature control equipment. HQ: Glasgow, Scotland.