Commentary & Deal Flow

VZ Secured Financing BV (VodafoneZiggo) (ZIGGO) US$600m (from US$500m minimum)144A/Reg S  sr sec notes due 01/15/33 (7.5y). NC3 (10/15/28) (MWC T+50b), then at 103.75 10/15/28, 101.875 10/15/29, 100 10/15/30. Equity claw: 3y 40% at 107.50. Special call: 10% per year, the first 3 years at 103. B1/B+/BB (negative/stable/stable). 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. Pays April 15 and Oct 15, starting 04/15/26. Denoms 200kx1k. Settles 10/08 (T+5). 144A CUSIP: 91845AAB1; 144A ISIN: US91845AAB17. IPT: 7.50% area. Price talk: 7.375%-7.50%. $100m upsize to repay term loan. Launched: $600m at 7.50%.

Priced: 7.50% at 100. +364bp vs 3.875% 08/31/32.

Did investor call 2pm 09/30. Books closed at 4:45pm (from 2:30pm) 10/01. 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