Commentary & Deal Flow

+++Note: The Bbrg ticker has changed to URBPIK+++

Luna 1.5 Sarl (Urbaser) (URBPIK) approx EUR1bn equivalent (EUR/US$) 144A/Reg S 7yNC3 holdco sr PIK toggle notes 2-part. B3/B- (negative/stable). No reg rights. List Vienna. NY law. CoC at 101. Settles 08/18 (T+6).

- EUR625m notes due 07/01/32 (7y). NC3 (07/01/28) (MWC T+50bp), then at 105.25 07/01/28, 102.625 07/01/29, 100 07/01/30. Equity claw: 3y 40% at 110.50. Special call upon consummation of a Company Sale: at 105.25 from 01/01/26-01/01/27, at 102.625 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. Pays Jan 01 and July 01, starting 01/01/26. PIK pay steps up 75bp. Denoms: 100kx1k. Reg S ISIN: XS3148254389. IPT: mid 10s to 11. Price talk: 10.75%-11.00%. Revised price talk: 10.50%-10.75% WPIR. Priced: 10.50% (11.25% if PIK) at 100. +808bp vs DBR 1.70% 08/15/32.

- US$450m notes due 07/01/32 (7y). NC3 (07/01/28) (MWCT+50bp), then at 106 07/01/28, 103 07/01/29, 100 07/01/30. Equity claw: 3y 40% at 112. Special call upon consummation of a Company Sale: at 106 from 01/01/26-01/01/27, at 103 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. Pays Jan 01 and July 01, starting 01/01/26. PIK pay steps up 75bp. Denoms: 200kx1k. 144A CUSIP: 550356AA7, 144A ISIN: US550356AA77. IPT: high 10s to low 11s. Price talk: 11.75%-12.00%. Refined price talk: 12%. Priced: 12.00% (12.75% if PIK) at 100. +800bp vs 4.00% 06/30/32.

Roadshow (small virtual group meetings) 08/04-06 (did investor call 10am NYT / 3pm UKT 08/04). Books closed 10am NYT / 3pm UK 08/08 (from 11am NYT/4pm UKT 08/07). (Originally pricing 08/07 afternoon). UOP: pay a EUR980m distribution to shareholders. 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.

Summary of document changes: The ratio-based provision for RPs funded from the Available Amount has been limited to the Opco group; Anti short circuit language added; The CNI builder basket is no longer backdated; No-worse-than debt incurrence provisions have been removed; The pick-your-poison debt basket has been removed; J. Crew protection has been expanded at the Holdco level; Portability has been removed; The Unrestricted Subsidiaries Investment basket has been reduced from 35% of Consolidated EBITDA to 20.0% of Consolidated EBITDA.