Commentary & Deal Flow

Private placement: VZ Secured Financing BV (VodafoneZiggo) (ZIGGO) US$550m private placement Reg S / 4(a)(2) exempt add-on to its 7.50% sr sec notes due 01/15/33 (7y). NC2.75 (10/15/28) (MWC T+50b), then at 103.75 10/15/28, 101.875 10/15/29, 100 10/15/30. Equity claw: 2.75y 40% at 107.50. Special call: 10% per year, the first 2.75 years at 103. B1/B+/BB (negative/stable/stable). Via Citi/JPM jt placement agents. No reg rights. List ISE. New York law. CoC at 101. Pays April 15 and Oct 15, starting 04/15/26. Settles 12/22 (T+5). 144A CUSIP: 91845AAB1; 144A ISIN: US91845AAB17. The 4(a)(2) exempt notes are immediately fungible with the $600m 144A issue priced 10/01/25 (Reg S after 40 days). The issue price is undisclosed. UOP: refinance debt. 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.