01/24/2024 United Group (ADRBID) EUR1.25bn 144A/Reg S 3-part. Via JPM (B&D) sole physical books/BNP/Citi/CA/GS/ING/IMI/ KKR/Mizuho/MS/RBI/UniCredit jt glocos and jt books. No reg rights. List ISE. NY law. Settles 02/08 (T+5).
- United Group BV EUR300m (down from EUR350m) sr sec fixed-rate notes due 02/15/31 (7y). NC3 (MWC B+50bp), then at 103.375, 101.6875. 100. Equity claw: 3y 40% at 106.75. Special call: 10% per year the first 3 years at 103. B2/B (stable/positive). Reg S ISIN: XS2758078930. IPT: low 7s. Px talk: 7.00% area. Final terms: EUR300m 6.75% at par. Priced: 6.75% at 100. +455bp vs DBR 0% 02/15/31.
- United Group BV EUR650m (up from EUR600m) sr sec FRN due 02/15/31 (7y). NC1 (MWC B+50bp), then at 101, 100. B2/B (stable/positive). Reg S ISIN: XS2758099779 IPT: E+450-475bp, 0% floor at 99.50. Px talk: E+425-450bp, 0% floor, at 99.50. Final terms: EUR650m E+425bp, 0% floor, at par. Priced: 3mE+425bp, 0% floor, at 100.
- Summer BidCo BV (holdco) EUR300m sr unsec PIYC PIK notes due 02/15/29 (5y). NC1 (MWCB+50bp), then at 101, 100. Equity claw: 1y 40% at 110. Special call: 10% the first year at 103. NR/B- (--/positive).Reg S ISIN: XS2758100296. IPT: 11.25-11.50% PIK yield. Px talk: 11% area PIK yield (including OID 99-par). Final terms: EUR300m 10.75% PIK at par. Priced: 10% cash/10.75% PIK at 100.
Roadshow 01/22-24 (investor call at 10am 01/22). Books closed at 1:30pm UKT 01/24. Reconfirms were due by 3:15pm UKT 01/24. UOP: along with EUR27m cash on hand, to redeem its EUR450m E+325bp sr sec FRN due 02/15/26 (callable at 100 on 02/15/24), repay EUR211m of the EUR532m drawn on its revolver, repay Summer BidCo BV EUR599m 9%/9/75% sr unsec PIYC PIK notes due 09/11/25 (EUR388m original issue and EUR211m non-fungible add-on) (callable at 100). Equity sponsor: BC Partners. Biz: leading telco and media player in Southeastern Europe (Bulgaria, Serbia, Slovenia, Croatia, Bosnia & Herzegovina, Montenegro and Greece). HQ: Amsterdam, Netherlands.