Commentary & Deal Flow

VZ Secured Financing BV (VodafoneZiggo) (ZIGGO) EUR650m (from benchmark size) 144A/Reg S sr sec notes due 01/15/33 (7.25y). NC3 (09/15/28) (MWC B+50bp), then at 102.625, 101.313, 100. Equity claw: 3y 40% at 105.25. Special call: 10% per year the first 3 years at 103. B1/B+/BB (negative/stable/stable). 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. Settles 09/15 (T+5). IPT: mid 5s. Price talk: 5.25%-5.50%. Final terms: EUR650m at 5.25% at par.

Priced: 5.25% at 100. +283bp vs DBR 2.30% 02/15/33.

Did investor call at 10:30am UKT 09/08. Books closed at 2:30pm 09/08. Reconfirms were due by 3:30pm UKT 09/09. 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.

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