Commentary & Deal Flow

HT Troplast GmbH (profine GmbH) EUR340m (up from EUR330m) 144A/Reg S sr sec 1st lien notes due 07/15/25 (5y). NC2 (MWC B+50bp), then at 104.625, 102.313, 100. Equity claw: 2y 40% at 109.25. B3/B- (stable/stable). Secured by 1st priority security interest in the shares of the issuer and most of the guarantors, bank accounts, certain current and fixed assets, trade receivables and land charge over real property. The guarantor coverage represents over 80% of EBITDA and 70%% of assets of the group. Via JPM/MS joint books. No reg rights. List ISE. NY law. Settles 07/06 (T+7) RegS ISIN: XS2198388592. IPT: low to mid 9s. Px talk: 9.25%-9.50%. EUR10m upsize UOP: GCP. Final terms: EUR340m at 9.25%.

Priced: 9.25% at 100. +996bp vs DBR 1% 08/15/25.

Did investor call at 11am UKT 06/22. 1x1 calls available upon request until 06/25 morning. Books closed at 2pm (from 1pm) UKT today. UOP: along with EUR21.9m cash on hand, to repay EUR342m existing credit facilities. Also new EUR40m super sr sec 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.