Commentary & Deal Flow

EMEA IG: Deal Flow - CORP

Priced: 5NC2: 8.00% @100

Price talk: 8.00%-8.25%
IPTs: 5NC2: Mid-High 8%s

• Issuer: TDC Brands A/S
• Ticker: TDCDC
• Business: TDC Brands (formerly Nuuday) is Denmark's leading and largest digital service provider, delivering connectivity, communication, and entertainment solutions to households and businesses
• Headquarters: Copenhagen, Denmark
• UoP: along with EUR47m new equity, to refinance existing debt (EUR500m term loan B), add cash on balance sheet, payment of fees and expenses in connection with the offering and EUR90m for general corporate purposes
• Equity Sponsors: Macquarie Asset Management (50%) and Danish pension funds PKA, PFA, and Sampension
• Issue: Senior Secured Notes
• Currency: €
• Total Size: €550m
• Coupon: 8.00%
• Issue Price: 100
• Benchmark: DBR 0% due 15-May-31
• Spread to Benchmark: 528bp
• Yield to Maturity: 8.00%
• Maturity: 30-Apr-31
• Call Protection: 5NC2 (50%/ 25% / Par)
• Interest Payment Dates: Semi-annually in arrears on April 30 and October 30 of each year, commencing on 30-Oct-26
• First Call Date: 30-Apr-28
• Make Whole Call: At any time prior to 15-Feb-27, at par plus a make-whole premium calculated based on Bund Rate + 50bp
• Redemption Prices:
• • Commencing on 30-Apr-28: 104.0000%
  • 2029: 102.0000%
  • 2030 and thereafter: 100.0000%
• ISINs:
• • RegS: XS3358347634
  • 144A: XS3358348525
• Instrument Ratings: B/B+ (S&P/Fitch)
• Distribution: Reg S / 144A
• Min Denom: €100,000 x €1,000
• Governing Law: New York Law
• Listing: The International Stock Exchange (TISE)
• Target Market: Eligible counterparties and professional clients only
• Delivery: Euroclear Bank SA/NV / Clearstream Banking, S.A.
• Joint Physical Bookrunners: Goldman Sachs International (B&D), Barclays, Deutsche Bank
• Nordic Joint Physical Bookrunners: Nordea, SEB
• Time of Execution: 16:50 UKT on 21-Apr-26
• Settlement Date: 30-Apr-26 (T+7)
• FTT: 8:00 UKT on 22-Apr-26
• CoC: 101
• Debut Issuer