Commentary & Deal Flow

Cimko Cimento ve Beton San. ve Tic A.S. (CIMKOC), exp B2/B+ (s/s) by Moody's/Fitch, US$300m 144A/Reg S 5nc2 sr unsec amortising notes due 5/21/30. 4.7-year WAL. 101 CoC. BofA (B&D)/Citi/HSBC as JGCs; ENBD/ING as JBRs. Early Redemption: Market standard make-whole and tax call provisions Standard HY call provision (50% / 25% / Par). Mandatory Redemption: Principal amortisations: 6.25% of issue size semi-annually from Year 3 to Year 4.5; Total principal amortisations prior to maturity: 25% of issue size Principal amount at maturity: 75% of issue size. Guarantors: None as of the Issue Date Springing guarantee mechanism for restricted subsidiaries accounting for more than 7.5% of consolidated EBITDA or guaranteeing any debt of the Issuer/Guarantors. Restrictive Covenants: Customary high yield incurrence-based covenants including limitations on Debt incurrence: 3.0x Consolidated Net Leverage Ratio and 2.5x Fixed Charge Cover Ratio Liens / secured debt Restricted payments Asset sales Transactions with affiliates. Listing: Euronext Dublin. Governing Law: English Law. Anchor Orders: The International Finance Corporation, the Green for Growth Fund and another international financial institution are considering subscribing for a total amount of up to USD110.2 million in the aggregate principal amount of the Notes. UOP: Refinancing of existing debt(~75% of issue size) Funding of capital expenditures(~15% of issue size) Dividend payment to shareholders (10% of issue size). Netroadshow: https://www.netroadshow.com/nrs/home/#!/?show=514e6350. Pricing 5/14. Settle 5/21 (T+5).

IPTs: 11.00% area.
LAUNCHED: $400m at 11.00%.

PRICED: $400m 10.75% 5/21/30 99.106 11.00%.