Adecco International Financial Services BV (ADENVX)

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Adecco International Financial Services BV (ADENVX)

C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
IGC	COND	PRCD	ADENVX	Adecco International Financial Services BV	€1,500		3	EMEA	Sep 14, 2021

Tranche #1Adecco International Financial Services BV

currency

EUR

size (m)

500.000

maturity

Sep 21, 2028

type

Fixed

tenor

7.000

call

registration

Reg S Only

benchmark

Swaps

ranking

Sr. Unsecured

moody's

Baa1

s&p

BBB+

fitch

re-open/tap

ipt

MS+65-70

ipt-pxd

guidance

MS+45 a

spread

coupon

0.125%

spread set

price

99.34100

yield

0.22%

book size (m)

1,800

peak book (m)

x-covered

3.6

book attrition

nic

billing & delivering

active leads

joint leads

,,,,

passive leads

co-managers

coordinating managers

book size (m)

1,800

peak book (m)

x-covered

3.6

book attrition

nic

billing & delivering

active leads

joint leads

,,,,

passive leads

co-managers

coordinating managers

Tranche #2Adecco International Financial Services BV

currency

EUR

size (m)

500.000

maturity

Sep 21, 2031

type

Fixed

tenor

10.000

call

registration

Reg S Only

benchmark

Swaps

ranking

Sr. Unsecured

moody's

Baa1

s&p

BBB+

fitch

re-open/tap

ipt

MS+80-85

ipt-pxd

guidance

MS+55 a

spread

coupon

0.5%

spread set

price

99.91200

yield

0.509%

book size (m)

2,600

peak book (m)

x-covered

5.2

book attrition

nic

billing & delivering

active leads

joint leads

,,,,

passive leads

co-managers

coordinating managers

book size (m)

2,600

peak book (m)

x-covered

5.2

book attrition

nic

billing & delivering

active leads

joint leads

,,,,

passive leads

co-managers

coordinating managers

Tranche #3Adecco International Financial Services BV

currency

EUR

size (m)

500.000

maturity

Mar 21, 2082

type

Fixed

tenor

60.500

call

registration

Reg S Only

benchmark

Swaps

ranking

Subordinated

moody's

Baa3

s&p

BBB-

fitch

re-open/tap

ipt

1.625% a

ipt-pxd

guidance

1.125-1.25% a (+/-12.5)

spread

139

coupon

spread set

price

99.33900

yield

1.125%

book size (m)

1,750

peak book (m)

x-covered

3.5

book attrition

nic

billing & delivering

active leads

joint leads

,,,,

passive leads

co-managers

coordinating managers

book size (m)

1,750

peak book (m)

x-covered

3.5

book attrition

nic

billing & delivering

active leads

joint leads

,,,,

passive leads

co-managers

coordinating managers

Tranche Comments

7 yr: Book size: 1800; Registration: Reg S Only; Comments: EUR500m WNG 7y snr unsec RegS. With 500m 10y / 500m 60.5NC5.5 hybrid. Baa1/BBB+. Strucs JPM/SG, actives BofA(B&D)/Barc/DB/ING/Natx/Uni. 7-yr IPTs MS+65/+70, guidance MS+45 area, launch MS+40, bk >1.8bn pre rec @guidance. 3mPC. MWC B+15. DBR 0 ¼ 08/15/28 + 78.8 (@105.785) / HR 95%. LEI: 549300PDNGPM4PIAUK57; 10 yr: Book size: 2600; Registration: Reg S Only; Comments: EUR500m 10y snr unsec RegS. With 500m 10y / 500m 60.5NC5.5 hybrid. Baa1/BBB+. Strucs JPM/SG, actives BofA(B&D)/Barc/DB/ING/Natx/Uni. 10-yr IPTs MS+80/+85, guidance MS+55 area, set MS+50, bk >2.65bn pre rec @guidance. 3mPC, MWC B+15. DBR 0 08/15/31 + 86 (@103.545). LEI: 549300PDNGPM4PIAUK57; 60.5 yr: Book size: 1750; Redemption: 2026-12-21; Registration: Reg S Only; Comments: EUR500m WNG 60.5NC5.5 hybrid RegS. With 1bn 7y+10y snr unsec. Baa3/BBB-. Strucs JPM/SG, actives Barc/BNPP/UBS. IPTs 1.625% area, guidance 1.25% area (+/-12.5 WPIR) ann yld, launch 1.125%, bks >1.75bn, peak >2.75bn , FTT 3.45pm. Initial Margin: MS +139 / DBR 0 ¼ 02/15/27 +177.0 (px 104.95). MWC: B+30. LEI: 549300PDNGPM4PIAUK57 ;

Deal Comments

Hybrid (60.5yr). Joint Bookrunners: JPM, SOC, BRC; 7yr, 10yr: BAM(B&D), DEU, ING, NAT, UNI; 60.5 yr: BNP, UBS

Guarantor(s)

Adecco Group AG

Use of Proceeds

General Corporate Purposes

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