Related Issuers
by Stephen Carter
Jun 26, 2025 2:07 PM ET
+++Corrects settlement date: 07/02 (not 07/22)+++
Maxam Prill Sarl (MXPRLL) EUR1.215bn (EUR/US$) equivalent 144A/Reg S sr sec notes 2-part. NR/B+/BB- (stable/stable). Via GS (B&D) physical books/Citi/JPM/Santander jt glocos and books. No reg rights. List Dublin. NY law. Settles 07/02 (T+4).
- EUR790m due 07/15/30 (5y). NC2 (07/02/27) (MWC B+50bp), then at 103.00, 101.50, 100. Equity claw: 2y 40% at 106. Special call: 10% per year the first 2 years at 103. CoC at 101. Pays June 15 and Dec 15, starting 12/15/25. Denoms: 100x1. IPT: low 6s. Price talk: 6.00% area. Priced: 6.00% at 100. +389bp vs DBR 0.00% 08/15/30.
- US$500m due 07/15/30 (5y). NC2 (07/02/27) (MWC T+50bp), then at 103.875, 101.9375, 100. Equity claw: 2y 40% at 107.75. Special call: 10% per year the first 2 years at 103. CoC at 101. Pays June 15 and Dec 15, starting 12/15/25. Denoms: 200x1. 144A CUSIPs: 57779MAA8. 144A ISIN: US57779MAA80. IPT: high 7s. Price talk: 7.75% area. Priced: 7.75% at 100. +393bp vs 3.75% 06/30/30.
Did investor call at 10am NYT/3pm UKT 06/23. Books closed: US$ 5pm NYT 06/25, EUR 10:30am UKT 06/26. UOP: repay EUR749m certain loans and credit lines of its subsidiaries, fund EUR441m distribution to shareholders. Equity sponsor: Rhone (73.1m). Biz: leading global civil explosives provider.
Net roadshow link: https://www.netroadshow.com/nrs/home/#!/?show=8a09e184. Entry code: Maxam2025.