Commentary & Deal Flow

+++Corrects underwriting group, adds interest pay dates+++

Albion Financing 1 Sarl/Aggreko Holdings Inc (AGKLN) approx US$2.387bn (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. Settles 05/21 (T+5). (originally Indicative currency split: 50/50). $180m upsize to increase the dividend distribution. $50m upsize to increase the dividend distribution.

- EUR850m sr sec notes due 05/21/30 (5y). NC2 (05/21/27) (MWC B+50bp), then at 102.6875, 101.34375, 100. Equity claw: 2y 40% at 105.375. Special call: 10% per year the first 2 years at 103. Via Barc (B&D)/DB/JPM jt physical books/HSBC/Lloyds/RBC/Santander/StanChart jt glocos/BofA/Citi/First Abu Dhabi Bank/GS/IMI/Mizuho/MS/MUFG/NatWest/SMBC Nikko/UBS jt books. CoC at 101. Semi pay March 15 and Sept 15, starting 09/15/25. Reg S ISIN: XS3066681704. IPT: 6.00%-6.25%. Price talk: 5.75% area (+/-12.5bp). Final price talk 5.50% area (+/-12.5bp) WPIR. Priced: 5.375% at 100. +314bp vs DBR 0.00% 08/15/30.

- US$1.4bn sr sec notes due 05/21/30 (5y). NC2 (05/21/27) (MWC T+50bp), then at 103.50, 101.75, 100. Equity claw: 2y 40% at 107.00. Special call: 10% per year the first 2 years at 103. Via JPM (B&D) sole physical books/Barc/DB/HSBC/Lloyds/RBC/Santander/StanChart jt glocos/BofA/Citi/First Abu Dhabi Bank/GS/IMI/Mizuho/MS/MUFG/NatWest/SMBC Nikko/UBS jt books. CoC at 101. Semi pay March 15 and Sept 15, starting 09/15/25. 144A CUSIP: 01330AAA4. IPT: 7.75% area. Price talk: 7.25%-7.50%. Final price talk: 7.00%-7.25% WPIR. Priced: 7.00% at 100. +325bp vs 3.875% 04/30/30.

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 were due: EUR12:30pm UKT 05/14, US$ 10:30am NYT 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 $553m (up from $500m and $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.

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