Commentary & Deal Flow

HT Troplast GmbH (profine GmbH) EUR330m 144A/Reg S sr sec notes due 2025 (5y). NC2 (MWC B+50bp) (par + 50% of coupon, 25%, par). Equity claw: 2y 40%. Expect low single-B. Via JPM/MS joint books. No reg rights. List ISE. NY law.

IPT: low to mid 9s.

Investor call at 11am UKT today. 1x1 calls available upon request until Thursday morning. Pricing this week. UOP: along with EUR21.9m cash on hand, to repay EUR342m existing credit facilities. Also new EUR40m revolver and EUR17.6m shareholder loan. Biz: privately-owned producer of energy efficient, premium quality PVC window and door profile systems and products that are sold globally to window manufacturers. HQ: Berlin, Germany.