Commentary & Deal Flow

Luna 2.5 Sarl (Urbaser) (URBASR) EUR800m (EUR2.3bn total across SSN and TLB) 144A/Reg S sr sec notes due 07/02/32 (7y). NC3 (07/01/28) (MWC B+50bp), then at 102.75, 101.375, 100. Special call: 10% per year the first 3 years a 103. Ba3/BB-/BB+ (stable/stable/negative). Via Citi (B&D)/Santander jt physical glocos/BofA jt glocos/BBVA/BNP/CA/DB/GS/ING/Natixis/SocGen jt books. No reg rights. List Lux. NY law. CoC at 101. Pays Jan 1 and July 1, stating 01/01/26. Denoms: E100kxE1k. Settles 07/01 (T+8). Reg S ISIN: XS3100795452; 144A ISIN: XS3100795536. IPT: 6 to low 6s. Price talk: 5.75%-6.00%. Revised price talk: 5.625% area (+/- 0.125%). Final terms: EUR800m at 5.50%.

Priced: 5.50% at 100. +326bp vs DBR 0% 02/15/32. 

Roadshow (small group meetings, virtual and physical at the Four Seasons Hotel at Park Lane) 06/10-12 (investor call 10am UKT 06/10). Books closed 12pm UKT 06/18. Reconfirms were due by 2:30pm UKT 06/18. (Originally pricing 06/19) (currently with the TLB, commitments due 12pm 06/18 (originally due 12pm 06/19). UOP: along with the new $1.5bn term loan B, to refinance the existing EUR1.25bn term loan B of Luna III, and pay a EUR1bn shareholder distribution. Equity sponsor: Platinum Equity. Biz: Luna 2.5 is the new direct parent company of Urbaser SAU, a leading environmental infrastructure platform, primarily focused on waste collection and treatment, providing critical infrastructure and essential services to public and industrial clients. HQ: Madrid, Spain.

Investor call and netroadshow registration: https://www.netroadshow.com/events/login?show=b21ec2ff&confId=83909