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by Stephen Carter
Jan 15, 2026 7:52 AM ET
United Group (ADRBID) EUR1.455bn (up from EUR600m minimum)144A/Reg S 2-part. Via JPM sole physical books/BNP/Citi/CA/DB/GS/KKR/Mizuho/MS/RBI/UniCredit jt glocos and jt books. No reg rights. List ISE. NY law. Settles T+10.
- United Group BV EUR1.1bn (up from EUR600m minimum)144A/Reg S sr sec FRN due Jan 2033 (7y). NC1 (MWC B+50bp), then at 100. Expect B2/B. CoC at 101. Denoms: 100kx1k. ISINs: XS3274828311 (144a); XS3274827933 (Reg S). IPT: 3mE+375-400bp at par. Price talk: 3mE+350bp-375bp at par. Final price talk: 3mE+325-350bp at par.
- Summer BidCo BV EUR355m sr holdco PIYC PIK notes due Jan 2031 (5y). NC1 (MWC B+50bp) (101, par). Equity claw: 1y 40%. Special call: 10% for the first year. Existing --/B-. CoC at 101. Denoms: 100kx1k. IPT: mid 9s. Price talk: 9.25% area. Final price talk: 9.00% area.
(Originally one tranche of EUR600m 7NC1 sr sec FRN). Roadshow (small group meetings) 01/12-13 (investor call at 12pm UKT 01/12). Books closed at 11am UKT 01/15. Reconfirms were due by 12:30pm UKT 01/15. Pricing 01/15 UK afternoon. UOP: redeem its EUR480m sr sec FRN (E+425bp) due 02/01/29 (callable at 100), and now to fully (rather than partially) redeem its EUR650m sr sec FRN (E+425pb) due 02/15/31 (callable at 100 on 02/05/26); and then new Summer BidCo EUR355m srPIYC PIK notes, to refinance the existing Summer BidCo EUR343.064m 10% PIYC sr notes due 02/15/29 (callable at 100 on 02/05/26) . Equity sponsor: BC Partners (56%). Biz: leading telco and media player in Southeastern Europe (Bulgaria, Serbia, Slovenia, Croatia, Bosnia & Herzegovina, Montenegro and Greece). HQ: Amsterdam, Netherlands.
Netroadshow link: https://www.netroadshow.com/events/login/LE9zwo3lc21BOKF4LQvjCbwuyVAOkHehj8A