Commentary & Deal Flow

+++Corrects issuer name: Luna 1.5 Sarl (not Luna 2.5 Sarl)+++

Luna 1.5 Sarl (Urbaser) (URBASR) EUR1bn equivalent (EUR/US$) 144A/Reg S 7yNC3 holdco sr PIK toggle notes 2-part. No reg rights. List Vienna. NY law. CoC at 101. 

    - EUR TBD notes due 07/01/32 (7y). NC3 (50%,25%,par). Equity claw: 3y 40%. Special call upon consummation of a Company Sale: at par + 50% of coupon from 01/01/26-01/01/27, par + 25% 01/02/27-07/01/28. Via Citi (B&D)/Santander jt physical books/BofA jt glocos/BBVA/BNP/CA/DB/GS/ING/Natixis/SocGen jt books. PIK pay steps up 75bp. Denoms: 100kx1k. IPT: mid 10s to 11.

- US$ TBD notes due 07/01/32 (7y). NC3 (50%,25%,par). Equity claw: 3y 40%. Special call upon consummation of a Company Sale: at par + 50% of coupon from 01/01/26-01/01/27, par + 25% 01/02/27-07/01/28. Via BofA (B&D) physical books/Citi/Santander jt glocos/BBVA/BNP/CA/DB/GS/ING/Natixis/SocGen jt books. PIK pay steps up 75bp. Denoms: 200kx1k. IPT: high 10s to low 11s.

Roadshow (small virtual group meetings) 08/04-06 (investor call 10am NYT / 3pm UKT 08/04). UOP: pay a distribution to shareholder. 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.

Netroadshow link: https://www.netroadshow.com/events/login/LE9zwo4C1IxquRH2WTP7W9CMDMKSpybp0DP