Commentary & Deal Flow

SPCM SA (SNF Floerger) (SNFF) EUR700m 144A/Reg S sr notes 2-part. NR/B+ (--/stable). Via BNPP physical books/CA joint books, BofA, Natixis, Soc Gen as co-managers. No reg rigths. NY law. List Lux.

    - EUR350m (from EUR300m minimum) due 02/01/26 (5.4y). NC2 (50%, 25%, par). Equity claw: 2y 35%. Px talk: 2.25% area. Final guidance: 2.00%-2.125% WPIR.

   - EUR350 (from EUR300m minimum) due 02/01/29 (8.4y). NC3 (50%, 25%, par). Equity claw: 2y 35%. Px talk: 2.875% area. Final guidance: 2.625%-2.75% WPIR.

Did investor call at 10am UKT today. Books closed at 1:30pm UKT today. Reconfirm orders by 2:45pm UKT today. Pricing today. UOP: along with cash on hand, to redeem its EUR550m 2.875% sr notes due 06/15/23 (callable at 100), repay revolver. Biz: parent of SNF Floerger, a specialty chemicals producer and the worlds largest producer of polyacrylamide. HQ: Saint-Etienne, France.