Commentary & Deal Flow

BCP V Modular Services Finance II Plc (Modulaire Group) (MODULA) EUR600m (from EUR500m minimum) 144A/Reg S sr sec notes due 07/10/31 (6y) (with springer2029s). NC2 (07/01/27) (MWC B+50bp), then at 103.25, 101.625, 100. Equity claw: 2y 40% at 106.50. IPO claw: at any time in whole or part at 102. Special call: 10% per year the first 2 years at 103. B2/B/B+ (negative/negative/stable). Via JPM (B&D)/MS jt glocos/BofA jt physical books; GS/Santander/WFS/HSBC/ING/SocGen/Brookfield jt books. No reg rights. List ISE. NY law. Pays May 31 and Nov 30, starting 11/30/25. CoC at 101. Demons: 100x1. Settles 07/10 (T+5). Reg S ISIN: XS3108493167.  IPT: mid 6s. Price talk: 6.50% area. Final terms: EUR600m 6.50% at par.

Priced: 6.50% at 100. +426bp vs DBR 0.00% 08/15/31. 

Did investor call at 12pm UKT 06/26. Books closed at 10am UKT 07/02. Priced along with the term loan B (commitments were due 10am UKT Wednesday, July 2). UOP: along with a EUR1.3bn (from EUR1bn minimum) term loan B for a total capital raise of EUR1.9bn, to refinance the existing EUR1.8bn term loan B and partially pay down EUR100m of the EUR170m drawn on its revolver. Equity sponsor: Brookfield Business Partners and other institutional partners. Biz: provides modular, office, remote accommodations, portable storage and other infrastructure services in Europe, Australia, New Zealand and China. HQ: London.

Netroadshow direct link: http://www.netroadshow.com/nrs/home/#!/?show=0b0f1fe3. Entry code: MGSL025.