5 yr: First Pay: 2023-12-01; Redemption: 2025-06-01; Registration: 144A/Reg S; Comments: EUR565m snr sec part of 2-tr 300m+ 5NC2 fxd, 300m+ 5NC1 FRN 144A/RegS for life. Ba3/BB-. GloCos/active: Barc(B&D fxd)/DB(B&D FRN). Others in ticket. IPTs fxd mid 7s. Price talk 500m+ at 7.25% area. Launch 565m at 7.125%. final OBL 2.20% due April 2028 bunds at 485bps. Call Schedule: 2025-06-01 @ 103.5625, 2026-06-01 @ 101.7813, 2027-06-01 @ 100.0. LEI: 81560046335277E43118. Equity Claw Back: prior to first call, up to 40% (including additional notes) at 107.125% plus accrued and unpaid interest; provided at least 50% of principal (including additional notes) remain outstanding. MWC: prior to first call at 1% of principal or B+50. CoC: 101%;
5 yr: First Pay: 2023-09-01; Redemption: 2024-06-01; Registration: 144A/Reg S; Comments: EUR550m snr sec part of 2-tr 300m+ 5NC2 fxd, 300m+ 5NC1 FRN 144A/RegS for life. Ba3/BB-. GloCos/active: Barc(B&D fxd)/DB(B&D FRN). Others in ticket. IPTs FRN E+425-450 / 98-98.5. Price talk 400m+ at E+425 / 98.5-99. Launch 550m at E+412.5 / 99. final OBL 2.20% due April 2028 bunds at E+412.5. LEI: 81560046335277E43118. Equity Claw Back: Prior to first call, up to 40% (including additional notes) at 100% plus Applicable Floating Rate plus accrued and unpaid interest; provided at least 50% of principal (including additional notes) remain outstanding. MWC: prior to first call at 1% of principal or B+50. CoC: 101%;
Deal Comments
Joint Bookrunners: BRC (B&D) (5yr FXD), DEU (B&D) (5yr FRN), JPM, UNI, GSC, AKR, BNP, MBC