Commentary & Deal Flow

VZ Secured Financing BV (VodafoneZiggo) (ZIGGO) US$600m (from US$500m minimum)144A/Reg S  sr sec notes due January 2033 (7.5y). NC3 (MWC T+50b) (50%,25%,par). Equity claw: 3y 40%. Special call: 10% per year, the first 3 years at 103. Existing B1/B+/BB. Via Citi/Barc/BNP/RBC jt physical books/CA /GS/ING/MS/Nomura/Rabobank/SocGen jt books. No reg rights. List ISE. New York law. CoC at 101. Denoms 200kx1k. Expected to settle T+5. IPT: 7.50% area. Price talk: 7.375%-7.50%. $100m upsize to repay term loan)

Launched: $600m at 7.50%.

Did investor call 2pm 09/30. Books closed at 4:45pm (from 2:30pm) 10/01. Pricing 10/01 afternoon. UOP: along with US$500m minimum sustainability-linked TLB, to refinance its existing $1.64bn term loan ($100m upsize to repay term loan). 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://www.netroadshow.com/events/login/LE9zwo4C1KesO3WIwC0BClmZPOtRCYiepAx