Commentary & Deal Flow

Aegis Lux 1A Sarl (Verisure holdco) (AEGILU) EUR1bn 144A/Reg S sr sec PIK toggle (PIYC) notes due 10/29/31 (6y). NC1.5 (MWC B+50bp), then at 101. B1/BB- (stable/stable). Via MS (B&D)/Barc/GS jt glocos and physical books/BNP/CA/DNBC/MUFG/Nordea/Santander/UniCredit jt books. No reg rights. List ISE. NY law. CoC at 101. Pays semi (30/360) June 15 and Cec 15, starting 06/15/26. Denoms: 100kx1k.  Settles 10/29 (T+4). Reg S ISIN: XS3213252540. +75bp if PIK. IPT low-mid 6s. Revised IPT: 6.00%-6.25%. Price talk: 5.75%-6.00%. Final price talk: 5.625%-5.75%.

Priced: 5.625% (+75bp if PIK) at 100. +340bp vs DBR 0.00% 08/15/31.

Roadshow (small group meetings) 10/21-23. Books closed at 1:30pm UKT (from 11:30am UKT) 10/23. UOP: fund a EUR940m shareholder distribution and cash overfunding. Equity sponsor: Hellman & Friedman. Biz: a company holding 43.7% of Verisure PLC, the leading provider of professionally monitored security services in Europe and Latin America, which is headquartered in Geneva, Switzerland.

Note on 10/08/25 Verisure PLC completed its EUR3.1bn IPO on the Swedish Stock Exchange, on 10/10/25 Verisure Holding AB raised a $1.2bn term loan A, and on 10/21/25 Verisure Holding AB launched a EUR1.3bn term loan B. The proceeds of the transactions will primarily be used to repay EUR5.3bn of Verisure existing debt.

Netroadshow link: https://www.netroadshow.com/events/login/LE9zwo3j9Kfhb5UjTE3nrTi9FeBwA7i7zfd