Egis SA — EUR 400m 5NC2: New Issue Read

Egis SA (Ba2/BB-) is marketing a EUR 400m 5NC2 senior unsecured note, IPT mid-high 5%s, to take out the bridge-to-debt facility from the sponsor's recent capital raise. We see FV at MS+210-225 / 5.00-5.20% YTM, NIC at IPT 45-65bp. We expect guidance in the low-5s and the deal to clear 5.10-5.25% / MS+210-235 in a clean book.

Deal terms

Size EUR 400m Format 144A / Reg S Structure 5NC2 sr unsec CoC 101 Ratings Ba2 / BB- Calls Y2 par+50% / Y3 par+25% / Y4 par IPT Mid-high 5%s UoP Bridge takeout + GCP

Fair value bridge

Anchor: EOFP 5⅜ 03/31 (BB-, ~5y) at MS+205 / 5.00% YTM.

Adjustment bps EOFP 5y anchor MS+200 +1 notch (Ba3 → Ba2) -15 Asset-light services premium -20 Debut / no secondary curve +30 Sponsor + bridge overhang +20 Egis FV MS+215 (210-225)

Expected path

Stage Spread Yield IPT MS+260-285 5.50-5.75% Guidance MS+230-250 5.20-5.40% Launch MS+210-235 5.10-5.25%

NIC screens generously at IPT — leads are building give for debut and sponsor overhang. We're watching EOFP 5⅜ 03/31 intraday alongside pro-forma leverage and covenant package in the OM.