Bellis Acquisition Co plc (ASDA Group) (ASSDLN) EUR700m (up from EUR595m) 144A/Reg S sr sec notes due 07/01/31 (6y). NC2 (06/18/27) (MWC B+50bp), then at 104.00, 102.00, 100. Equity claw: 2y 40% at 108.00. Special call: 10% per year the first 3 years at 103. B1/B+/BB (negative/negative/stable). Via Barc sole gloco and physical books, BoC/BofA/Citi/DB/HSBC/IMI/JPM/Lloyds/MS/NatWest/Rabo/RBC/SMBC jt books. No reg rights. List ISE. NY law. CoC at 101. Pays Jan 5 and July 5, starting 01/05/26, final payment is 07/01/31. Denom: 10x1. Settles 07/01 (T+9). Reg S ISIN: XS3099155932; 144A ISIN: XS3099155932. IPT: 8.50% area. Price talk: 8.25% area. EUR105m upsize reduces use of cash on hand. Final terms: EUR700m at 8.00%.
Priced: 8.00% at 100. +579bp vs DBR 0% 08/15/31.
Roadshow (virtual) 06/16-17 (investor call at 1pm 06/16). Books closed at 1:45pm UKT (from 11am UKT) 06/18. UOP: along with GBP227m (down from GBP GBP317m) cash on hand, to redeem its GBP500m 4% sr notes due 02/16/27 (callable at 100), and redeem its GBP262.1m 3.25% sr sec notes due 02/15/26 (callable at 100) and GBP39.7bn 4.50% sr sec notes 02/16/26 (callable at 100). (EUR105m upsize decreases use of cash on hand). Equity sponsor: TDR Capital 75% (the Issa brothers own the other 25%). Biz: third largest grocery retailer in the UK. HQ: Leeds, UK.
Netroadshow link: https://www.netroadshow.com/events/login?show=68e85583&confId=83832