Commentary & Deal Flow

Parts Europe SA (formerly Autodis SA) (AUTODI) EUR300m 144A/Reg S sr sec 1st lien notes due 07/16/25 (5y). NC1.5 (01/15/22) (MWC B+50bp), then at 103.25, 101.625, 100. Equity claw: 1.5y 40% at 106.50. Special call: 10% per year at 103 the first 1.5 years. Caa1/B- (stable/negative). Via Citi/BNPP/SocGen jgcs/CS/GS/JPM/MS joint books. No reg rights. List ISE. NY law. 100x1. Settles 07/17 (T+7). Reg S ISIN: XS2205088896. Px talk: 6.75% area (+/-0.125%). Final size/px talk: EUR300m 6.50%-6.625%.

Priced: 6.50% at 100. +717bp vs 1.00% DBR due 08/15/25.

Did investor call at 10:30am UKT 07/07. Telephonic roadshow 07/07-08 (originally ending 07/09). Books closed at 3:30pm UKT today. (Originally pricing late this week). UOP: fully redeem its EUR260m 4.375% sr sec notes due 05/01/22 at 100 and partially redeem (EUR37m) its EUR175m E+550bp sr sec FRN due 05/01/22 at 100. Equity sponsor: Bain Capital. Biz: Omni-channel distributor of light vehicle and truck spare parts and truck repair serving the automotive independent after market in Western Europe, mainly active in France, Benelux, Italy and Spain. HQ: Arcueil, France.