Commentary & Deal Flow

VZ Secured Financing BV (VodafoneZiggo) (ZIGGO) US$500m minimum 144A/Reg S sr sec notes due January 2033 (7.5y). NC3. Existing B1/B+/BB. Via Citi/Barc/BNP/CA /GS/ING/MS/Nomura/Rabobank/RBC/SocGen jt books. No reg rights. New York law. CoC at 101. Denoms 200kx1k. Expected to settle T+5. IPT: 7.50% area. Investor call 2pm 09/30. Pricing 10/01. UOP: along with TLB, refinance existing debt. 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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