Commentary & Deal Flow

United Group BV (ADRBID) EUR400m144A/Reg S sr sec notes due 01/31/32 (6y). NC3 (12/19/27) (MWC B+50bp), then at 103.125 12/19/27, 101.563 12/19/28, 100 12/29/29. B2/B (stable/stable). Via JPM sole physical books/BNP/Citi/CA/DB/GS/ING/KKR/Mizuho/MS/RBI/UniCredit jt glocos and jt books. No reg rights. List ISE. NY law. Pays June 15 and Dec 15, starting 06/15/26. Denoms: 100kx1k. Settles 10/19. Reg S ISIN: XS3250465385. IPT: mid 6s. Price talk: 6.25%-6.50%. Revised price talk: 6.25% area.

Priced: 6.25% at 100. +366bp vs DBR 0.00% 02/15/32.

Roadshow 12/08 (small group meetings) (investor call 10:30am UKT 12/08). Books closed at 3pm UKT 12/08. Reconfirms were due by 3:45pm UKT 12/08. UOP: redeem its EUR175m 4.00% sr sec notes due 11/15/27 (callable at 100), and to pay down revolver.. Equity sponsor: BC Partners. Biz: leading telco and media player in Southeastern Europe (Bulgaria, Serbia, Slovenia, Croatia, Bosnia & Herzegovina, Montenegro and Greece). HQ: Amsterdam, Netherlands.