Commentary & Deal Flow

Loxam SAS (LOXAM) EUR500m 144A/Reg S sr sec notes due February 2031 (5.5y). NC2 (MWC B+50bp) (50%, 25%, par). Equity claw: 2y 45%. Special call: 10% per year the 1st 2 years at 103. NR/BB- (--/stable). Via BofA (B&D)/Natixis jt glocos and physical books/BNP/CIC/CA/DB/JPM/SocGen jt books. No reg rights. List Lux. NY law. CoC at 101 with downgrade. Denoms 100x1. Price talk: 4.50% area.

Revised price talk: 4.25% area.

Roadshow (small group meetings) 07/15 (did investor call at 10:30UKT/11:30am CET). Books close at 1:30pm 07/16 (from 12pm UKT) 07/16. Pricing 07/16 UK afternoon. UOP: redeem all outstanding EUR300m 1st lien sr sec notes due 04/15/26 (callable at par) and EUR183.21m sr sub notes due 04/15/27 (callable at par), and GCP, including the refinancing of existing debt. Biz: the largest European Equipment-rental group for the construction, industrial, public works, services and events & media sectors. HQ: Paris, France.

Netroadshow link: https://www.netroadshow.com/events/login?show=2f51364d&confId=85404