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by Stephen Carter
Nov 20, 2025 9:53 AM ET
Vivion Investments Sarl (VIVION) EUR750m Reg S two-part.
- EUR500m sr sec notes due 2029 (4.5y). NC1.5 (MWC) (50%,25%,par). Equity claw: 1.5y 40%. Clean up call (80%). NR/BB+ (--/negative). Via Citi (B&D)/GS jt active books/BofA jt books. Off the EMTN programme. List Dublin. English law. CoC at 101. Denoms: 100kX1k. IPT: 6.00%-6.25%. Price talk: 6.00% area (+/-0.125%).
- EUR250m sub hybrid notes perpetual. NC5.5 (June 2026). NR/B (--/negative). Denoms: 100k. Via Citi (B&D) gloco and structuring advisor/GS jt active books. List Dublin. English law. Interest: fixed rate per annum until the first reset date. Resets on the first reset date and every 5 years thereafter at the then prevailing 5 year midswap rate + the initial credit spread + applicable step-up. Payable annually. 1st step-up: 25bp; 2nd step-up: 75bp (+100bp cumulative) from the 2nd step-up date June 2046 (year 20.5), provided however that if the issuer rating assigned to the Issuer by S&P is equal to or higher than BBB- on any date, then the 2nd step -up date shall be deemed to be immediately, and irrevocably, changed to June 2051 (year 25.5). Denoms: 100kx100k. Accounting treatment: 100% IFRS equity. IPT: 8.50% area. Price talk: 8.25%-8.50%.
Roadshow (1x1 calls) 11/19-20 (investor call at 11am UKT 11/19). Books close at 4pm UKT 11/20. Pricing 11/20 UK afternoon. UOP: partially refinance its EUR912m 8.25% sr sec notes due 08/31/28 (callable at 100). Biz: Commercial real estate company, focusing on the ownership, management and improvement of properties in Germany and the United Kingdom. HQ: Luxembourg.
DealRoadshow direck link: https://dealroadshow.com/e/REGULUS2025. Access code: REGULUS2025.