04/23/2021 HSE Finance Sarl (HSEFIN) EUR630m 144A/Reg S sr sec notes 2-part. B2/B (stable/stable). Via DB gloco and physical books/BNP/HSBC/ING/Jefferies/UBS/UniCredit jt books. No reg rights. List ISE. NY law. Settles 05/06.
- EUR380m fixed-rate due 10/15/26 (5.5y). NC2 (05/15/23) (MWC B+50bp), then at 102.813, 101.406, 100. Equity claw: 2y 40% at 105.625. Special call: 10% per year the 1st 2 years at 103. Px talk: 5.75% area. Final pxg: EUR380m 5.625% at 100. Priced: 5.625% at 100. +624bp vs DBR 0% 08/15/26.
- EUR250m FRN due 10/15/26 (5.5y). NC1 (MWC B+50bp), then at 101, 100. Floats/pays quarterly vs 3mE (0% floor). Px talk: E+575-600bp at 99.50. Final pxg: EUR250m 3mE+575bp at 99.50. Priced: 3mE+575bp (0% floor) at 99.50.
Virtual roadshow 04/20-22 (investor call at 12:30pm 04/20). Books closed at 1pm UKT 04/23. UOP: along with EUR17m cash on hand, to refinance its existing bank debt (EUR393m) and distribution to shareholders (EUR242m). Equity sponsor: Providence Equity Partners. Biz: A Leading player in the European live-commerce market (TV channels and internet) (Home Shopping Europe, HSE24. HQ: Ismanning, Germany.