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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
HYC
COMM
PRCD
ADRBIDACRBID
United Group BV, Summer Bidco BV€1,485
2EMEA
Jan 15, 2026
currency
EUR
size (m)
1,130.000
maturity
Jan 31, 2033
type
Floating
tenor
7.000
call
1.00
registration
144A/Reg S
benchmark
3mEu
ranking
Sr. Secured
moody's
B2
s&p
B
fitch
-
size description
-
re-open/tap
No
ipt
3mEu+375-400 at par
ipt-pxd
-
guidance
3mEu+350-375; RVSD 3mEu+325-350bp at par
spread
325
coupon
3mE+325
spread set
-
price
100.00000
yield
-
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
left lead
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
left lead
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
currency
EUR
size (m)
355.000
maturity
Jan 31, 2031
type
Fixed PIK Toggle
tenor
5.000
call
1.00
registration
144A/Reg S
benchmark
DBR
ranking
Sr. Unsecured
moody's
-
s&p
B-
fitch
-
size description
-
re-open/tap
No
ipt
mid 9s
ipt-pxd
-
guidance
9.25% area; RVSD 9.00% area
spread
649
coupon
8.875%
spread set
-
price
100.00000
yield
8.875%
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
left lead
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
left lead
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
First Pay: 2026-02-15; Redemption: 2027-01-31; Registration: 144A/Reg S; Comments: B&D: JPM. CoC: 101%; First Pay: 2026-05-16; Redemption: 2027-01-31; Registration: 144A/Reg S; Comments: B&D: JPM. CoC: 101%;
Deal Comments
Originally one tranche of EUR600m 7NC1 sr sec FRN.
Use of Proceeds
To redeem its EUR400m sr sec FRN (E+425bp) due 02/01/29 (callable at 100), and now to fully (rather than partially) redeem its EUR650m sr sec FRN (E+425pb) due 02/15/31 (callable at 100 on 02/05/26); and refinance the existing Summer BidCo EUR343.064m 10% PIYC sr notes due 02/15/29 (callable at 100 on 02/05/26)