Commentary & Deal Flow

+++Adds Deal Roadshow info+++

Trivium Packaging Finance BV (TRIVIU) approx US$1.96bn equivalent (EUR/US$) 144A/Reg S notes 3-part. No reg rights. List ISE. NY law.

- EUR500m minimum sr sec 1st lien notes due 2030 (5y). NC2. B2/B (stable/stable). Via Barc (B&D)/JPM jt physical books/Citi/Rabo/BMO/BNP/GS/Key jt passive books. IPT 7.25% area.

- US$700m sr sec 1st lien notes due 2030 (5y). NC2. B2/B (stable/stable). Via JPM (B&D) sole physical books/Barc/Citi/Rabo/BMO/BNP/GS/Key jt passive books. IPT 8.75%-9.00%.

- US$700m sr sec 2nd lien notes due 2030 (5.5y). NC2. Ratings TBD. JPM (B&D) sole physical books/Barc/Citi/Rabo/BMO/BNP/GS/Key jt passive books. IPT 12.25%-12.50%.

Roadshow 05/19-21 (investor call 11am NYT, 4pm UKT 05/19). Pricing 05/22. UOP: along with a minimum EUR500m sr sec term loan B, to refinance its existing sr sec notes and sr notes (EUR625m 3.75% sr sec notes due 08/15/26 (callable at 100), USD1.05bn 5.50% sr sec notes due 08/15/26 (callable at 100), EUR355m sr sec FRN due 08/15/26 (callable at 100) and USD700m 8.50% sr notes due 08/15/27 (callable at 100), and GCP. The EUR500m term loan B launched 05/12 (lender call 05/12, commitments due 05/21) via JPM/Barc jt glocos/Citi/Rabo jt physical books/BMO/BNPGS/Key jt books. Ownership: OTPP (58%) and Ardagh Packaging (42%). Biz: supplier of value added and rigid metal packaging. hQ: Schiphol, Netherlands.

Deal Roadshow direct link: https://dealroadshow.com/e/TULIP2025 (entry code: TULIP2025) available 10 minutes prior.