Commentary & Deal Flow

Price talk: 9NC3: 6.375% area

IPTs: 9NC3: 6.500%a

• Issuer: United Group B.V.
• Ticker: ADRBID
• Business: The leading telecommunications player in Southeastern Europe (Bulgaria, Serbia, Slovenia, Croatia, Bosnia & Herzegovina, Montenegro and Greece). HQ: Amsterdam, Netherlands
• Size: €625m
• Instrument: Senior Secured Notes
• Maturity: May 2033
• Call Protection: NC3; 50%, 25%, Par
• Price talk: 6.375% area
• IPTs: 6.500% area
• Expected Ratings: B2/B (Moody's/S&P)
• Use of Proceeds: Refinance existing EUR625m 3.625% SSNs due 15-Feb-28 (callable at 100) (including any accrued and unpaid interest thereon) and pay fees and expenses in connection with the transaction
• Format: 144A/Reg S
• Denominations: €100k x 1k
• Listing: The International Stock Exchange
• Governing Law: State of New York
• Equity sponsor: BC Partners (56%).
• Target Market: Manufacturer target market (EEA MiFID II/UK MiFR professionals/ECPs-only) is eligible counterparties and professional clients only (all distribution channels)
• Global Coordinator and Physical Bookrunner: JPM (B&D)
• Joint Bookrunners: BNPP, Citi, CA-CIB, DB, GS, ING, KKR, Mizuho, MS, RBI, UniCredit
• Timing: books close at 2pm UKT 29-Apr
• Global Investor Call: Wednesday, 29-Apr @ 10:00 UKT / 11:00 CET. To attend, please register at: https://www.netroadshow.com/events/login/1PeTHmohYAPeSAHvxP3DRB3i5TyLnjOSmhBMA. Access code: 459700