Registration: 144A/Reg S; Comments: 10/23/2020 United Group BV /Summer BidCo BV EUR1.845bn (up from EUR1.795bn) 144A/Reg S 4-part. List ISE. NY law. Via JPM+. No reg rights. Settles Feb 06 (T+10).
- United Group BV (opco) EUR600m sr sec notes due 15-Feb-2026 (6y). NC2 (NMWC B+50), then at 101.562, 100.78125, 100. Equity claw: 2y 40% at 103.125. Special caLL 10% per year at 103 the 1st 2 years. B2/B (stable/stable). Via JPM/KKR/CS/CA joint books. Reg S ISIN: XS2111946930. (From 6y fixed/FRN total size EUR1.05bn with a EUR400m minimum tranche size). IPT low -to-mid 3s. Px talk: 3.25% area. Launched: EUR600m at 3.125%. Priced: 3.125% at 100. +362bp vs DBR 0% 15-Aug-2026..
- United Group BV (opco) EUR450m sr sec FRN due 15-Feb-2026 (6y). NC1 (MWC B+50), then at 100. B2/B (stable/stable). Via JPM/KKR/CS/CA joint books. Reg S ISIN: XS2111947318. (From 6y fixed/FRN total size EUR1.05bn with a EUR400m minimum tranche size). IPT E+350bp area. Px talk: E+325-350bp (0% floor). Launched: EUR450m at 3mE+325bp (0% floor). Priced: 3mE+325bp (0% floor) at 100.
- United Group BV (opco) EUR625m (up from EUR575m) sr sec notes due 15-Feb-2028 (8y). NC3 (MWC B+50), then at 101.8125, 100.90625, 100. Equity claw: 3y 40% at 103.625. Special caLL 10% per year at 103 the 1st 3 years. B2/B (stable/stable). Via JPM/Banca IMI/BNP/CA/CS/KKR/MS/Raiffeisen/UniCredit joint books. Reg S ISIN: XS2111947748. IPT high 3s to 4. Px talk: 3.75% area. Launched: EUR625m at 3.625%. Priced: 3.625% 100. +403bp vs 0.25% 15-Aug-2028.
- Summer Bidco BV (holdco) EUR170m add-on to the 9.00% Pay-If-You-Can (PIK) sr unsec notes due Nov 15, 2025 (6y). NC1.25 ( May 15, 2021) (MWC B+50bp), then at 102, 101, 100. Equity claw: 1.25y (15-May-2021) 40% at 109. NR/B- (--/stable). Via JPM/KKR/CS/CA joint books. 9.00% cash pay coupon (+75bp if PIK). Reg S ISIN: XS2111948472. Not fungible with the original EUR306m issue priced 05/10/19. IPT 105.50-106.00. Px talk: 105.50-106.00. Launched: EUR170m at 105.50. Priced: 9.00% at 105.50, 7.798595% for cash interest.
Roadshow Jan 20-22 (Mon/Tues London, Weds Paris/Frankfurt). Books closed at 2:30pm UKT Jan 23. UOP: 6y fixed/FRN sr sec opco and sr unsec holdco add-on to fund the acquisition of Vivacom, the largest telecom operator in Bulgaria; 8y opco to refinance its EUR575m 4.375% sr sec notes due 07/01/22 (callable at 102.188). Equity sponsor: BC Partners. Biz: Leading cable operator in Southeastern Europe with around 1.8 million homes covered by its fixed network across mainly Serbia, Slovenia and Bosnia & Herzegovina, with mobile operations in Slovenia and Croatia. HQ: Amsterdam, Netherlands. (Acquisition announced Nov 09, 2019).;