Commentary & Deal Flow

SIG Combibloc PurchaseCo Sarl (SIG-SE/SIGCBL) EUR1bn 144A/Reg S sr notes 2-part. Ba2/BBB- (stable/stable) (AA by MSCI, 18.8 - Low Risk by Sustainalytics and Platinum by EcoVadis (all ESG Ratings). Via GS/UBS/UniCredit as jgc/CS joint books. No reg rights. List Euronext Dublin. NY law. Settles 06/18.

    - EUR450m due 06/18/23 (3y). NCL (MWC B+50, 3mo par call). Reg S ISIN: XS2189592889. IPT 2% area. Px talk: 1.875%-2% (will price in range). Final terms: EUR450m at 1.875%. Priced: 1.875% at 100. +255bp vs OBL 0.00% 04/14/23.

    - EUR550m due 06/18/25 (5y). NCL (MWC B+50bp, 3mo par call). Reg S ISIN: XS219594315. IPT 2.25% area. Px talk: 2.125%-2.25% (will price in range). Final terms: EUR550m at 2.125%. Priced: 2.125% at 100. +276bp vs OBL 0.00% 04/11/25.

Orderbooks EUR2.9bn good at tight-end of guidance, skew to the 5y (pre-rec) (Books were in excess of EUR3bn (skew to 5y)). A virtual roadshow began Mon 06/08. Books closed at 2:15pm UKT today. UOP: refinance capital structure (along with $550m term loan and $14m cash on hand, to repay its existing EUR1.553 term loan (EUR1.203 term loan A and $350m term loan B). Biz: SIG Combibloc Group AG is a leading systems and solutions provider for aseptic carton packaging, HQ: Neuhausen Am Rheinfall, Switzerland.