06/11/2021 Nobel Bidco BV (Philips Domestic Appliances)
(PHIDOM) EUR650m (down from EUR850m) 144A/Reg S sr sec 1st lien notes due 06/15/28 (7y). NC3 (MWC B+50bp), then at 101.563, 100.781, 100. Equity claw: 3y 40% at 103.125. Special call: 10% per year the first 3 years at 103. B1/B+ (stable/stable). Via JPM B&D sole physical books/HSBC/DB jt glocos/BofA/ING jt books. No reg rights. List ISE. NY law. Settles 06/25 (T+10). Reg S ISIN: XS2355515516. IPT: mid 3s. Px talk: 3.25%-3.50%. Final px talk: 3.125% area. Final px: 3.125%. Priced: 3.125% at 100. +366bp vs DBR 4.75% 07/04/28. Virtual roadshow 06/07-09 (investor call at 12pm 06/07). Books closed at 10am UKT 06/11. UOP: along with $1.050bn (up from $850m) term loan B, to fund the acquisition of the Domestic Appliances division of Royal Philips by Hillhouse Capital for EUR3.851bn, and $100m cash on the B/S (EUR200m was shifted to the term loan). The sponsor will contribute $2.326bn equity. Biz: leading global designer, manufacturer and seller of domestic appliances. HQ: Amsterdam, the Netherlands. (Acquisition announced 03/25/21).