Leveraged Loans Snapshot (EU)

This week’s highlights: • Refinancing activity snaps back, 56% of deals in general syndication • Manufacturing sector dominates the M&A pipeline, accounted EUR 22.7bn or 35%

Diana Apedu Market Analyst, Debtwire Par +44 203 741 1081 [email protected]

Saritha Dantu Ben Watson Market Analyst, Debtwire Par Market Analyst, Debtwire Par +44 203 741 1371 +44 203 741 1185 [email protected] [email protected] Leveraged Loans Snapshot (EU) An Acuris Company

CALENDAR STATS

Over Over EUR 5.3bn EUR 63.5bn EUR 24.6bn 96 Institutional Loans Projected Funding 22 Deals YTD New European Ongoing M&A Situations; in Syndication Requirements Currently in CLO Issuance 5 New Entrants Leveraged Loan This Week Pipeline

Loans in Syndication by Use of Proceeds

Dividend Share (%) Recap, 1% Dividend Recap 0.1

M&A, 42% M&A 3.5

Refinancing, 56%

Refinancing 4.6

0.0 1.0 2.0 3.0 4.0 5.0 Volume (EUR bn)

Source: Debtwire Par 2 M&A Calendar

Deal Size/ Target(s) Seller(s) EBITDA Bidder(s)/Buyer(s) Country Stage Deadline Advisor(s) Valuation

SK Chemicals, Cornerstone Capital, LG AnQore CVC, Royal DSM €75m €450-525m Final Round N/A Lazard Chem

Armacell Blackstone, Kirkbi €106m €1.5bn TBD Luxembourg Mandated N/A Rothschild

Euroclear Privately-owned N/A €5bn Hellman & Friedman, CVC, GIC Belgium Talks N/A TBD

Group of Butchers Equistone €32m N/A TBD Netherlands Mandated N/A Rothschild

Arma Sentia Waterland €43m N/A TBD Netherlands 1st Round N/A Benelux Partners

SIG Air Handling SIG €30m N/A TBD Netherlands Mandated N/A Lazard International

Signature Foods IK Investments €50m €600-700m TBD Netherlands Talks 1H20 N/A

Vermaat Partners Group N/A €750m TBD Netherlands Mandated N/A GS

Carlyle, Quadriga Ameos Group €72m N/A TBD Pre-Mandated 2H19 N/A Capital

APCOA Parking Centerbridge €90m N/A ICG, TDR, Platinum, DWS Final Round November GS,JPM

DACH Artemis Montagu €60m €1bn TBD Germany Rumoured N/A TBD

Permira,Auto1, Apax, Carlyle, Hellman & AutoScout24 Scout24 N/A €2bn Germany Pre-Mandated N/A CS, MS Friedman, Axel Springer Bold and underlined targets indicate new entries Source: Debtwire Par, an Acuris company M&A Calendar

Deal Size/ Target(s) Seller(s) EBITDA Bidder(s)/Buyer(s) Country Stage Deadline Advisor(s) Valuation

BASF Constructions BASF €245m €2.7bn KKR, Carlyle, /Bain, Lone Star Germany 2nd Round Dec-19 GS Chemicals unit

Bilcare Research Bilcare €30-35m N/A TBD Switzerland IMs Imminent N/A Baird

PAI Partners, Apollo, Rhone Group, Clariant Pigment Claring CHF140m N/A Triton Partners, Advent, , SK Germany Mandated 2H19 DB Capital Partners/Heubach

Morgan Deutsche Glasfaser KKR N/A €1.5-2bn TBD Germany Mandated 15/11/19 Stanley

eBay Classifieds Group eBay N/A $12bn PE funds USA/UK Talks N/A TBD (Gumtree)

ELL KKR N/A €1bn TBD Rumoured N/A TBD

DACH Hensoldt KKR N/A €2bn TBD Germany Mandated N/A BAML, JPM

Evercore,Rot Inexio N/A €1bn TBD Germany Mandated N/A hschild

MEININGER Hotels & Cox & Kings €40m €600m Undisclosed firms Germany 2nd Round N/A Lazard Hostels

Bregal Novem N/A €1.5bn TBD Germany Rumoured 2H19 TBD Unternehmerkapital

Real Metro €143m €1bn Redos Germany Exclusive Talks N/A TBD

Renk Volkswagen €80m N/A TBD Germany Rumoured N/A TBD Bold and underlined targets indicate new entries Source: Debtwire Par, an Acuris company M&A Calendar

Deal Size/ Target(s) Seller(s) EBITDA Bidder(s)/Buyer(s) Country Stage Deadline Advisor(s) Valuation

Schur Flexibles Lindsay Goldberg €70-80m €800-900m TBD Austria Mandated N/A GS

Solvay (Engineering Carlyle, SK Capital, Ardian, APAX, Bain, BASF €60m €360-420m Germany 2nd Round N/A Lazard Plastics Business) PAI Partners, Lanxess

Robert W. Spandex Chequers Capital €50m N/A TBD Switzerland Mandated Early 2020 Baird

Apollo, Bain, Blackstone, Carlyle, KKR, DACH ThyssenKrupp (Elevator CVC, Kone Oyj, Partners Group, ThyssenKrupp €2537m €15bn Germany Talks Autumn TBD Business) Schindler, Otis, Hitachi,Consortium of ADIA, Cinven &Advent

SocGen, Tranquilidade Apollo N/A €600m Ageas, Allianz, Assicurazioni Generali Portugal Final Round N/A Jefferies, Arcano

Towerbrook Capital Partners,, Bain Capital, CapVest, Biscuit International Qualium €115m €650m Clayton Dubilier & Rice, KKR, PAI 1st Round 29/10/19 Natixis Partners, Platinum Equity, Qualium, Blackstone

Cerelia Group IK Investments €65m N/A TBD France Rumoured 1Q20 TBD

Permira, Advent International, CVC, Rothschild & Curium Pharma CapVest €150m €1bn France Mandated 4Q19/1Q20 Cinven Cie, KPMG

DWK Life Sciences One Equity €50-60m N/A TBD Germany Mandated 4Q19 Jefferies (formerly DURAN Group) France

Labeyrie Fine Foods PAI Partners €96m €1bn Kharis Capital France Mandated N/A BNP, PwC

Mapa Spontex Newell €55m N/A TBD France On Hold N/A GS

Trade bidders; O'Reilly Auto Parts, Parts Holding Bain Capital €150m N/A France Mandated N/A Rothschild Autozone Bold and underlined targets indicate new entries Source: Debtwire Par, an Acuris company M&A Calendar

Deal Size/ Target(s) Seller(s) EBITDA Bidder(s)/Buyer(s) Country Stage Deadline Advisor(s) Valuation

Perrenot Management-owned €30-40m N/A Ardian,Sagard France Mandated N/A Transaction R

Photonis Ardian N/A €500m TBD France Mandated N/A Lazard

Provalliance Family-owned €60m N/A Ardian, HIG, Bridgepoint France Mandated N/A UBS

Solina Ardian €70-75m €1bn Ajunomoto, Mitsubishi France Pre-Mandated N/A N/A

Teads Altice Europe €60m €1.4-2.2bn TBA France Rumoured N/A

Trigo Ardian €55m N/A TBD France Mandated 4Q19 DB

Rothschild, Verallia Apollo €580m €4.8-6bn TBD France On Hold N/A France Barclays

Verastar Vitruvian £40m N/A Sun Capital, TDR, more Pes UK Mandated N/A Jefferies

Treasury Wine Estates, PAI Partners, Pernod Ricard (wine unit) Carlyle €100m €692m France Mandated N/A BAML, CS KKR, TPG, Bain, Coca Cola Amatil

Perrenot Management-owned €30-40m N/A Ardian,Sagard France Mandated N/A Transaction R

Photonis Ardian N/A €500m TBD France Mandated N/A Lazard

Provalliance Family-owned €60m N/A Ardian, HIG, Bridgepoint France Mandated N/A UBS

Landal, Center Parcs, investment Roompot Vakanties PAI Partners €72m €1bn France Talks 1H20 TBD companies Bold and underlined targets indicate new entries Source: Debtwire Par, an Acuris company M&A Calendar

Deal Size/ Target(s) Seller(s) EBITDA Bidder(s)/Buyer(s) Country Stage Deadline Advisor(s) Valuation

Solina Ardian €70-75m €1bn Ajunomoto, Mitsubishi France Pre-Mandated N/A N/A

Teads Altice Europe €60m €1.4-2.2bn TBA France Rumoured N/A

Trigo Ardian €55m N/A TBD France Mandated 4Q19 DB France

Rothschild, Verallia Apollo €580m €4.8-6bn TBD France On Hold N/A Barclays

Verastar Vitruvian £40m N/A Sun Capital, TDR, more Pes UK Mandated N/A Jefferies

JPM, SEB, Diaverum Bridgepoint €142.5-150m €500m TBD Sweden IMs Imminent 01/10/19 Carnegie

Foreo Privately-owned N/A $1bn Private equity sector Sweden Rumoured N/A Rothschild

Lender Nordea, Frontmatec €42m N//A TBD Denmark N/A Education William Blair

Nordics Stockmann (Lindex Stockmann TBA Finland Mandated N/A Nordea business)

Trustly €60m €1bn TBD Sweden Mandated N/A Citi

Evercore,BA Accelya Warburg Pincus €80m N/A PAI Partners,Bridge Point Spain Mandated N/A ML

SE Nationale Nederlanden, Helvetia, Ageas, Barclays, Covea, Abanca, €1bn- Caser Seguros N/A Cinven, Anacap, Mapfre, Covea, Spain Mandated N/A Clifford Liberbank, Unicaja €1.5bn CaxiaBank Chance Bold and underlined targets indicate new entries Source: Debtwire Par, an Acuris company M&A Calendar

Deal Size/ Target(s) Seller(s) EBITDA Bidder(s)/Buyer(s) Country Stage Deadline Advisor(s) Valuation

Cigierre BC Partners N/A €500m Premira, Cinven, Mandated 1Q20 Rothschild

Dainese Investcorp €35m €400-500m Permira Italy Final Round N/A Lazard, EY

DFE Pharma (DMV- Fonterra Co-operative €50m N/A TBD Germany Mandated N/A GS Fonterra Excipients) Group

Ambienta, FSI SGR, Tikehau, Space Euro Group Family-owned €36m N/A Italy 1st Round N/A TBD Holding, TowerBrook

Ferrovial Servicios Ferrovial €230m €2.5bn Apollo, Apax Spain Final Round N/A GS

Lender Harris Fitness World FSN Capital, Kirkbi €55m €400m TBD Denmark N/A Education Williams

Golden Goose Carlyle €60-70m €1.2-1.3bn TBD Italy Mandated 2H19 BAML

Southern Europe EQT, Nets, Worldline, KKR, Nordic JP Morgan, Heidelpay Anacap €40.5m €700-800m Germany 2nd Round N/A Capital, Corestar

Hypo Alpe Adria (Italy Hypo Alpe Adria Bank N/A N/A TBD Italy Rumoured N/A N/A division)

One of the bidders is a private equity firm, Lincoln Panini Waterfall N/A €1bn Italy Mandated N/A The Topps Company International

KKR, CVC, Clayton Dubilier & Rice, Bain Poundland Pepkor Europe N/A N/A UK Talks N/A TBD Capital, Apax, Advent

Fabio Gallia, Prima Sole Components Privately-owned €70m N/A TBD Italy Mandated 30/11/19 Equita

Bold and underlined targets indicate new entries Source: Debtwire Par, an Acuris company M&A Calendar

Deal Size/ Target(s) Seller(s) EBITDA Bidder(s)/Buyer(s) Country Stage Deadline Advisor(s) Valuation

Rovensa Bridgepoint N/A €600-700m TBD Spain Rumoured N/A TBD

Chiomenti, Rino Mastrotto Privately-owned €44m N/A NB Renaissance Italy Exclusive Talks N/A Banca IMI

Rx Perrigo $250-300m N/A Apollo, CVC, Carlyle, Altaris, Cerberus Ireland 1st Round N/A Barclays

Saba Aparcamientos Criteria Caixa €106m N/A Macquarie, First State, PSP, Arcus Spain Mandated Summer 2019 AZ Capital

Banca Imi, KKR,Warburg Pincus, Permira, Partners Telepass Atlantia €150m €600m Italy Mandated N/A Mediobanca, Group and Apax Partners GS

Ursa Lone Star TBD Spain Mandated N/A GS Southern Europe

Potential buyers including private equity Varta Energizer €50m N/A Germany IMs Out N/A Barclays firms Marlborough Visolit (formerly Partners, IK Investments €59m N/A TBD Norway On Hold 2Q19 TeleComputing) Arma Partners Advent, BC Partners, Bridgepoint, Vivanta Portobello Capital €45m €585-630m Spain Postponed N/A Moelis Cinven, KKR, PAI

Jaguar Land Rover, Uber, Ola Cabs, PE Addison Lee Carlyle N/A £800m UK Mandated N/A BAML funds

Carlyle, KKR, Cinven, EQT, Partners Althea Permira €80m €800m UK 1st Round 2H19 GS Group, BC Partners, Bain UKI

Arriva Deutsche Bahn €575m €3bn Carlyle, Apollo UK Final Round N/A DB, Citi

Bold and underlined targets indicate new entries Source: Debtwire Par, an Acuris company M&A Calendar

Deal Size/ Target(s) Seller(s) EBITDA Bidder(s)/Buyer(s) Country Stage Deadline Advisor(s) Valuation Harris Big Bus Tours and The Exponent $100m N/A TBD UK Mandated N/A Williams, Leisure Pass Group BAML

Rhone Capital, Warburg Pincus, Wendel, Cash Solutions G4S £165m £1.5-1.8bn UK Pre-Mandated 2H19 TBD Blackstone

Dr Martens Permira £80m £910m TBD UK Rumoured N/A GS, Baird

Engineering Ingegneria Apax, NB Renaissance N/A €1bn BC Partners, Permira Italy Rumoured N/A TBD Informatica

Hain Daniels Group PAI Partners N/A N/A The Hain Celestial Group UK Talks N/A TBD

Independent Clinical Towerbrook £65m N/A TBD UK Mandated Early 2020 BAML Services (ICS)

UKI IQ Student GS,MS, GS,Wellcome Trust N/A £2bn TBD UK Mandated N/A Accomodation (IQSA) Eastdil Thermo Fisher Scientific, Danaher, Blackstone, Carlyle, CVC, EQT LGC KKR £142m €2.3-2.9bn Partners/Novo Holdings, Advent, Bain, UK IMs Out N/A JPM Cinven/Astorg/ADIA, Nordic Capital, Leonard Green MSX International (RNS Bain $80-85m N/A TBD UK Mandated N/A GS unit)

Blackstone, CVC, Charterhouse, Permira, NES Global Talent AEA Investors $100m N/A UK Mandated N/A Baird Manpower Group, Carlyle Group

PA Consulting Group Carlyle N/A N/A TBD UK Rumoured N/A HSBC, JPM

Pets at Home Publicly listed N/A £918m Interest from private equity firms UK Talks N/A TBD

Bold and underlined targets indicate new entries Source: Debtwire Par, an Acuris company M&A Calendar

Deal Size/ Target(s) Seller(s) EBITDA Bidder(s)/Buyer(s) Country Stage Deadline Advisor(s) Valuation Anchorage Capital Deutsche PHS Partners, Prudential, N/A £600m TBA UK Mandated N/A Bank KKR, Monarch

Target trade bidders, some private equity Jefferies, Riemser Ardian €46m N/A Germany Talks N/A firms Rothschild

Cinven, Blackstone, Bain Capital, BC Smiths Medical Smiths Group N/A N/A UK Talks N/A TBD Partners, KKR, Premira

ADCO Umweltdienste TOI TOI & DIXI €90-110m €700-800m Triton, Core Equity, Apax , EQT Germany Final Round N/A Citi Holding UKI CVC,Partners Group, Cinven, Carlyle, Lazard,CS, VFS Global EQT €120m $2.54m Hellmen & Freidman, PAI, PAI, Premira, Switzerland On Hold N/A Citi KKR, Baring, Onex, CPPIB

Vue International OMERS, AIMCo €144m £2bn TBD UK Rumoured Autumn2019 JPM

Waterlogic Castik Capital N/A €2bn TBD UK Mandated N/A GS

Bold and underlined targets indicate new entries Source: Debtwire Par, an Acuris company Projected Large Cap Funding Requirements

M&A Pipeline – BY REGION M&A Pipeline – BY SECTOR

Benelux DACH France Nordics Southern Europe UKI

10.8, 17% 7.8, 12%

6.5, 10%

1.2, 2%

8.6, 14% 28.6, 45%

Volume (EUR bn)

Based on M&A calendar Assumes 4x EBITDA or 40% equity, when not given Source: Debtwire Par, an Acuris company Deals in the Market

Issuer Institutional Pricing Pro rata Bank Commitment Name Sponsor Country Purpose Stage Pricing OID Bookrunner(s) Rating € Stage € Meeting date

Kantar Bain UK TBD LBO General 750 Revised E+ 500bps 97 350 BAML, GS 2-Oct-19 23-Oct-19

E+ 475bps- Axel Springer KKR Germany B LBO General 725 Initial 99.5 109* UC, KKR 14-Oct-19 30-Oct-19 500bps

CRH Plc (European E+ 425bps- GS, BAML, BNPP, CS, Blackstone UK B/B2 LBO General 1,213 Initial 99.5 180 17-Oct-19 30-Oct-19 Distribution 450bps MUFG, NW, SMBC Network)

Affidea - Spain B+/B2 Refinance General 450 Initial E+ 400bps 99.5 130 GS 17-Oct-19 30-Oct-19

100.25- Dividend Belron D'Ieteren UK BB/Ba3 General 100 Initial E+ 275bps 100.5, - JPM, BAML, ING, BNP 21-Oct-19 25-Oct-19 Recap 12.5bps

DomusVi ICG France B/B1 Refinance General 1,170 Initial E+ 300bps 7.5bps 130 BNP, CACIB, DB, Nat 22-Oct-19 29-Oct-19

Casino - France B+/B1 Refinance General 750 Initial E+ 550bps 99 2,000 BNP, CS 24-Oct-19 7-Nov-19

Inspired Acquisitio -UKB/B2 General 150 Initial E+ 350bps 99.75 - HSBC 23-Oct-19 29-Oct-19 Education n

*Indicates where debt size is not yet known and a 40% equity contribution is assumed Source: Debtwire Par, an Acuris company Deals consist of mandated, to loans in general syndication Deals Coming to Market

Issuer Pro rata Bank Commitment Name Sponsor Country Purpose Stage Institutional Bookrunner(s) Rating € Meeting date €

eFront BlackRock France TBD SBO Mandated 600 90 MS, CS, more TBD TBD TBD

Prisa - Spain B/B2 Refinance Mandated 1,200 180* MS, GS, JPM, BAML, HSBC TBD TBD

Cellnex Telecom Iliad Spain BB+/BBB- Acquisition Mandated 2,230 335* Santander, Unicredit, DB TBD TBD

Solidus Centerbridge Netherlands B- LBO Mandated 180 50 Barclays, NatWest TBD TBD

Cobham Advent UK TBD LBO Mandated 2,488 305 CS, Citi, GS TBD TBD

Emera Naxicap, Ardian France TBD LBO Mandated 210 60 CA, CIC, ING, LCL TBD TBD

Stonegate TDR Capital UK B-/B2 Acquisition Mandated 2,417 220 Barc, GS, Nom TBD TBD

Sophos Thoma Bravo UK TBD LBO Mandated 1,970 125 GS TBD TBD

Vermaat Bridgepoint Netherlands TBD LBO Mandated TBD - SMBC TBD TBD

Evoca Lone Star Italy B/B2 LBO Pre-Mandated 1,000* 150* TBD TBD TBD

Groupe ECF Naxicap France TBD Refinance Pre-Mandated 220* 33* TBD TBD TBD

Ferrovial Servicios Ferrovial Spain TBD LBO Pre-Mandated 1,300* 195* TBD TBD TBD

Deals consist of mandated, to loans in general syndication *Indicates where debt size is not yet known and a 40% equity contribution is assumed Source: Debtwire Par, an Acuris company Deals Coming to Market

Issuer Pro rata Bank Commitment Name Sponsor Country Purpose Stage Institutional Bookrunner(s) Rating € Meeting date €

Young's Seafood CapVest UK TBD LBO Pre-Mandated TBD - TBD TBD TBD

Omnicare Pharma Equistone Germany TBD SBO Pre-Mandated 150* 23* TBD TBD TBD

Deals consist of mandated, to loans in general syndication *Indicates where debt size is not yet known and a 40% equity contribution is assumed Source: Debtwire Par, an Acuris company Loan Pipeline

€30

€25

€20

€15 Volume (Billions)

€10

€5

€0 Jul-17 Jul-17 Jul-18 Jul-18 Jul-19 Jul-19 Jan-17 Jan-17 Jan-18 Jan-18 Jan-19 Jan-19 Jun-17 Jun-17 Jun-18 Jun-18 Jun-19 Jun-19 Sep-16 Sep-17 Sep-17 Sep-18 Sep-18 Sep-19 Sep-19 Oct-16 Oct-16 Oct-16 Oct-17 Oct-17 Oct-18 Oct-18 Oct-19 Oct-19 Apr-17 Apr-17 Apr-18 Apr-18 Apr-19 Apr-19 Feb-17 Feb-17 Feb-18 Feb-18 Feb-19 Feb-19 Dec-16 Dec-16 Dec-17 Dec-17 Dec-18 Dec-18 Aug-17 Aug-17 Aug-18 Aug-18 Aug-19 Aug-19 Nov-16 Nov-16 Nov-17 Nov-17 Nov-18 Nov-18 Mar-17 Mar-17 Mar-18 Mar-18 Mar-19 Mar-19 May-17 May-17 May-18 May-18 May-19 May-19

Institutional Non-Institutional

Senior tranches syndicated in Western Europe Deals consist of pre-mandated and mandated to loans in general syndication Source: Debtwire Par, an Acuris company Recently Closed Deals

Name Sponsor(s) Country Issuer Rating Purpose Stage Institutional € Pricing Stage Pricing OID Prorata € Bookrunner

Galileo Global Providence Luxembourg B/B2 Refinance Closed 720 Final E+ 325bps par - JPM, BNP, DB, ING

E+ 525bps/L+ Staci Group Ardian France TBD SBO Closed 268 Final 98.5/99 50 Nat, SG, SMBC 500bps Kirkbi, Merlin BAML, DB, Barc, HSBC, Blackstone, UK BB/Ba2 LBO Closed 1,414 Final E+ 300bps 99.75 434 Entertainments Miz, UC CPPIB

CVC, Tethys, Sebia France TBD GCP Closed 100 Final E+ 300bps par - Nomura CDPQ

Biscuit Qualium France TBD Acquisition Closed TBD Final E+ 450bps - - BNP, BoI International

Dividend Infinitas Compass Netherlands TBD Closed 400 Final E+ 425bps 99.5 - CS, Rabo Recap

Dividend IFS EQT Sweden TBD Closed 627 Final E+ 375bps par - MS, Nordea, SEB Recap

VodafoneZiggo - Netherlands B+/B1/B+ Refinance Closed 2,250 Final E+ 300bps 100* - BNP, GS

E+ 300bps, 1% Finastra Vista UK B-/B3 GCP Closed 881 Final 99.75 - MS floor

DB, UBS, UC, BNP, Comm, ADCO Apax Germany B/B2/B SBO Closed 475 Final E+ 400bps 99.5 - Nat

Holtzbrink, BC E+ 325bps + Springer Nature Germany B+/B2 Refinance Closed 2,220 Final par 250 JPM Partners 0.5% floor

Avast - Czech Rep. BB/Ba2 Repricing Closed 550 Revised E+ 250bps par - CS

*Indicates where debt size is not yet known and a 40% equity contribution is assumed Source: Debtwire Par, an Acuris company CLO Issuance

6.0 €

5.5 €

5.0 €

4.5 €

4.0 €

3.5 €

3.0 €

2.5 € Volume (Billions)

2.0 €

1.5 €

1.0 €

0.5 €

0.0 €

Further details available on creditflux.com New money issues only, reissues not included Source: Creditflux, a Debtwire sister company and an Acuris company Last 10 CLO Issues

CLO Manager Arranger Size € Status AAA (bps) BB (bps) Month

Seapoint Park CLO DAC Blackstone/GSO Bank of America 406.00 Priced E+ 90 E+ 649 Oct‐19

Capital Four CLO I DAC Capital Four Goldman Sachs 385.00 Priced E+ 93 E+ 647 Oct‐19

Rockford Tower Europe Rockford Tower Citi 408.48 Priced E+ 92 E+ 603 Oct‐19 2019‐1

Anchorage Europe 3 Anchorage Barclays 411.28 Priced E+ 92 E+ 604 Oct‐19

RRE 3 Redding Ridge Goldman Sachs 403.55 Priced E+ 91 E+ 495 Oct‐19

BlackRock Euro IX BlackRock Credit Suisse 407.00 Priced E+ 90 E+ 632 Oct‐19

Northwoods Capital 19 Angelo Gordon Bank of America 405.50 Priced E+ 100 E+ 97.01 Sep‐19 Euro

MacKay Shields MacKay Shields JP Morgan 358.80 Priced E+ 93 E+ 655 Sep‐19

Contego VII Five Arrows Managers Morgan Stanley 459.90 Priced E+93 E+618 Sep‐19

Adagio VIII Axa IM Barclays 373.45 Priced E+93 E+603 Sep‐19

Open the CLO hyperlink for further details on creditflux.com Source: Creditflux, a Debtwire sister company and an Acuris company New money issues only, reissues are excluded An Acuris Company

Leveraged Loans DEBTWIRE PRIMARY ISSUANCE TEAM DEBTWIRE PRIMARY (continued) Colm Doherty, Global Head of Primary Abhilash Pillai, Team Leader – Primary Snapshot Market Analysis, Issuance, +1 212 390 7838 [email protected] [email protected] Shivraj Shetty, Senior Data Analyst Sadaf Khan, Global Head of Fixed Income [email protected] Data, Bhavin Mehta, Senior Data Analyst, [email protected] [email protected] Weekly Jason Huang-Jones, Head of APAC Fixed Manohar Vasnani, Senior Data Analyst, Income Data, [email protected] [email protected] Prathana Singh, Senior Data Analyst, Nancy Tai, Head of Americas Fixed Income [email protected] DEBTWIRE SALES Data, Anurag Rai, Data Analyst, Angus Codd, Head of Sales, Fixed Income EMEA [email protected] [email protected] +44 (0)20 3741 1002, Darren Maharaj, Head of EMEA Fixed Bhavik Gandhi, Data Analyst, [email protected] Income Data, [email protected] Felipe Poveda Palacios, Head of Sales, UK Buyside [email protected] +44 (0)20 3741 1258, Harshala Avhad, Data Analyst, Wafaa Makhrobi, Market Analyst, [email protected] [email protected] [email protected] William Brayshaw, Head of Sales, Regional, Nikita Shah, Data Analyst, Diana Apedu, Market Analyst, [email protected] +44 (0) 20 3741 1090 [email protected] Piyush Solanki, Data Analyst, [email protected] Ben Watson, Market Analyst, [email protected] [email protected] Pratik Chavan, Data Analyst, Mario Marriott, Senior Market Analyst, [email protected] [email protected] Rajendra Nar, Data Analyst, Victor Mukete, Market Analyst [email protected] [email protected] Sandhya Anchan, Data Analyst, Adrian Lok, Senior Market Analyst [email protected] [email protected] Sanjay Nagda, Data Analyst, Vincent Diagger, Data Associate, [email protected] [email protected] Shirisha Bhoga, Data Analyst, [email protected] Shivangi Dattani, Manager of European Credit Research, Swati Battul, Data Analyst, [email protected] [email protected] Rohan Jain, Data Analyst, [email protected]

20 An Acuris Company

Debtwire is an Acuris company

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Disclaimer

We have obtained the information provided in this report in good faith from sources that we consider to be reliable, but we do not independently verify the information. The information is not intended to provide tax, legal or investment advice. We shall not be liable for any mistakes, errors, inaccuracies or omissions in, or incompleteness of, any information contained in this report. All such liability is excluded to the fullest extent permitted by law. Data has been derived from company reports, press releases, presentations and Debtwire intelligence.