First Pay: 2022-04-01; Redemption: 2023-02-24; Registration: 144A/Reg S; Comments: GBP500m add-on to 3.25% Feb 2026 NC 2023 (102.25/101.125%/par) fxd snr sec RegS/144A. Ba3/BB+. Phys Barc/DB, JBs BofA/Lloyds/MS/Rabo/HSBC. IPTs 4.75%/5%. Came 4.5% / G+382 vs 0.125% 1/26. 144A: XS2404741584;

10/29/2021 Bellis Acquisition Co plc (Asda Group Ltd) (ASSDLN) GBP500m 144A/Reg S sr sec notes due 02/16/26 (4.25y). NC1.25 (02/24/23), then at 102.25, 101.126, 100. Ba3/NR/BB+ (stable/--/stable). Via Barc (B&D)/DB jt physical books/BofA/Lloyds/MS/Rabo/HSBC joint books. No reg rights. List ISE. NY law. (The maturity and call dates match the outstanding GBP 3.25% sr sec notes due 2026). Interest pays April 01 and Oct 01, starting 04/01/22. Settles 11/05. Reg S ISIN: XS404741238. IPT: 4.75%-5.00%. Px talk: 4.50%-4.75%. Priced: 4.50% at 100. +382bp vs UKT 0.125% 01/30/26. Did investor call at 10:30am UKT 10/27. 1x1s 10/27-28. Books closed at 9am UKT 10/29 UOP: along with GBP250m cash on hand, to repay GBP750m bridge loan that backstopped the asset sale of Asda's forecourt biz (petrol filling stations, car washes, and ancillary land) for GBP750m to the TDR/Issa brothers owned EG Group (Euro Garages) that was incurred as part of the acquisition of Asda by the Issa brothers and TDR from Walmart. The sale of the forecourt biz was canceled 10/18/21. EG Global Finance plc's GBP675m 6.25% sr sec 1st lien notes due 03/30/26, which were issued 02/26/21 to fund the forecourt acquisition, will be redeemed. Biz: grocery and general merchandise retailer in the UK. HQ: Leeds, UK. (The Asda acquisition was announced 10/02/2020, the forecourt asset sale was announced 02/03/21).

Along with GBP250m cash on hand, to repay GBP750m bridge loan that backstopped the asset sale of Asda's forecourt biz (petrol filling stations, car washes, and ancillary land) for GBP750m to the TDR/Issa brothers owned EG Group (Euro Garages) that was incurred as part of the acquisition of Asda by the Issa brothers and TDR from Walmart. The sale of the forecourt biz was canceled 10/18/21. EG Global Finance plc's GBP675m 6.25% sr sec 1st lien notes due 03/30/26, which were issued 02/26/21 to fund the forecourt acquisition, will be redeemed.