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by Stephen Carter
Nov 20, 2025 5:01 PM ET
Vivion Investments Sarl (VIVION) EUR758m Reg S two-part. Settles 12/08 (T+12 UK, T+11 US).
- EUR505m sr sec notes due 06/08/29 (4.5y). NC1.5 (-6/08/27) (MWC B+50bp), then at 102.8125 06/08/27, 101.40625 06/08/28, 100 06/08/29. 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. Pays June 08 and Dec 08, starting 06/08/26. Denoms: 100kX1k. ISIN: XS3230546148. IPT: 6.00%-6.25%. Price talk: 6.00% area (+/-0.125%). Final terms: EUR505m 5.625% at 99.024, yield 5.875%. Priced: 5.625% at 99.024, yield 5.875%. +363bp vs DBR 0.00% 08/15/30.
- EUR253m sub hybrid notes perpetual. NC5.5 (06/08/31) (MWC B+50bp on any date which is not an optional par call date) (3m par call prior to the first reset date and then any interest payment date thereafter). NR/B (--/negative). Via Citi (B&D) gloco and structuring advisor/GS jt active books. List Dublin. English law. Interest: fixed rate per annum on June 08, starting 06/08/26, until the 1st reset date. Resets on the first reset date (06/08/31) and every 5 years thereafter at the then prevailing 5 year midswap rate + the initial credit spread + applicable step-up. 1st step-up: 25bp; 2nd step-up: 75bp (+100bp cumulative) from the 2nd step-up date 06/08/46 (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 06/08/51 (year 25.5). CoC at 101 prior to 3mos before the first reset date, then at 100. Denoms: 100kx100k. Accounting treatment: 100% IFRS equity. IPT: 8.50% area. ISIN: XS3235936393Price talk: 8.25%-8.50%. Final terms: EUR253m 8.125% at 98.916, yield 8.375%. Priced: 8.125% at 99.012, yield 8.375%. +603bp vs DBR 0% 08/15/31.
Roadshow (1x1 calls) 11/19-20 (investor call at 11am UKT 11/19). Books closed at 4pm UKT 11/20. UOP: along with EUR50m investor equity injection and EUR16m cash on hand, to partially refinance EUR785m of its EUR897.5m 8.25% sr sec notes due 08/31/28 (callable at 100). Principal shareholder: Amir Dayan (87%). Biz: Commercial real estate company, focusing on the ownership, management and improvement of properties in Germany and the United Kingdom. HQ: Luxembourg.
DealRoadshow direct link: https://dealroadshow.com/e/REGULUS2025. Access code: REGULUS2025.