01/15/2021 Verisure (VERISR) approx EUR2.473bn (up from EUR2.420bn) equivalent (EUR/SEK) 144A/Reg S 3-part. List Lux. NY law. No reg rights. Settles 01/25 (T+6).
Verisure Holding AB (publ) EUR1.150bn fixed rate sr sec 1st priority notes due 02/15/27 (6y). NC2 (MWC B+50bp), then at 101.625, 100.813, 100. Equity claw: 2y 40% at 103.25. Special call: 10% per year the first 2 years at 103. B1/B (stable/stable). Via JPM sole physical books (B&D)/BofA/DG/GS/MS/Nomura joint glocos/Barc/BNP/Caixa/Citi/CA/CS/Nordea/Santander joint books. Denoms: 100x1. Reg S ISIN: XD2287912450. IPT: 3.50%-3.75%. Px talk: 3.25%-3.50%. Launched: EUR1.150bn at 3.25%. Priced: 3.25% at 100. +398bp vs 0.25% DBR 02/15/27.
Verisure Midholding AB (publ) approx EUR1.323bn (up from EUR1.270bn) equivalent (EUR/SEK) sr notes 2-part.
- EUR1.175bn fixed rate sr notes due 02/15/29 (8y). NC3 (MWC B+50bp), then at 102.625, 101.313, 100. Equity claw: 3y 40% at 105.25. Special call: 10% per year the first 3 years at 103. Caa1/CCC+ (stable/stable). Via GS (sole physical books, B&D)/BofA/DB/JPM/MS/Nomura joint glocos/Barc/BNP/Caiza/Citi/CA/CS/Nordea/Santander joint books. Denoms: 100x1. IPT: Reg S ISIN: XS2287912450. 5.50%-5.75%. Px talk: 5.25%-5.50%. Launched: EUR1.175bn at 5.25%. Priced: 5.25% at 100. +590bp vs 0.25% DBR 02/15/29.
- SEK1.5bn sr FRN due 02/15/29 (8y). NC3 (MWC S+50bp), then at 102, 101, par. Equity claw: 3y 40% at 105.75. Special call: 10% per year the first 3 years at 103. Caa1/CCC+ (stable/stable). Via GS (joint physical books, B&D)/BofA/DB/JPM/MS/Nomura joint glocos/Nordea (joint physical books)/Barc/BNPP/Caixa/Citi/CA/CS/Santander joint books. Floats/pays quarterly vs 3mo STIBOR (0% floor). Denoms: 1,250x10. Reg S ISIN: XS2288976710. IPT: N/A. Px talk: S+575-600bp. Launched: SEK1.5bn at S+575bp (0% floor). Priced: 3mS+575bp at 100.
Did investor call at 11am UKT 01/13, small group meetings followed. Books closed at 10am UKT 01/15. UOP: along with EUR2bn term loan B. to redeem its EUR1.08bn 5.75% sr notes due 12/01/23 (callable at 101.438) and SEK1.65bn (approx EUR164m) sr FRN due 12/01/23 (callable at 101), repay EUR1.492bn sr term loan B1-E, make EUR1.65sbn (up from EUR1.6bn) distribution to shareholders, fees and expenses (EUR53m upsize UOP: fund additional distribution to shareholders). Equity sponsors: Hellman & Friedman, Eiffel (GIC), Alba. Biz: Leading European provider of professionally monitored alarm systems, primarily for residential and small business customers. HQ: Geneva, Switzerland.