Commentary & Deal Flow

VZ Secured Financing BV (VodafoneZiggo) (ZIGGO) EUR650m (from benchmark size) 144A/Reg S sr sec notes due 2032 (7y). NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. Special call: 10% per year the first 3 years at 103. Expect B1/B+/BB. Via DB (B&D)/GS/ING jt physical books/BNP/CA/Citi/Nomura/Rabo/Scotia/SocGen jt books. No reg rights. List ISE. New York law. CoC at 101. Denoms: 100kx1k. IPT: mid 5s. Price talk: 5.25%-5.50%.

Final terms: EUR650m at 5.25% at par.

Did investor call at 10:30am UKT 09/08. Books closed at 2:30pm 09/08. Reconfirms due by 3:30pm UKT 09;09. Pricing 09/08 UK afternoon. UOP: repay debt, primarily its TLB due 2028. Biz: provides video, broadband fixed-line telephony and mobile services to residential and business customers in the Netherlands. VodafoneZiggo is a 50:50 joint-venture between Vodafone Group and Liberty Global. HQ: Utrecht, Netherlands.

Netroadshow link: https://urldefense.com/v3/__https:/www.netroadshow.com/events/login/LE9zwo3jk92VLOsH0gkC7hjV90QFwuxSbaR__;!!O2kDR7mm-zSJ!q9sIX_Bh5YYhI6pUNkCcp4na_DyGn_HVmTRQlU-Jfck6PZat_F1WWb66LNtTGbj6OKViTJgACj-HDkegOYb554mQ$/