Commentary & Deal Flow

Priced: 7NC3: 6.375% / 100
Benchmark: 7NC3: 2.3% DBR 15-Feb-33 / +348bp

Price Talk: 7NC3: 6.375% area
IPTs: 7NC3: 6.500%a

• Issuer: United Group B.V.
• Ticker: ADRBID
• Business: The leading telecommunications player in Southeastern Europe
• Issue: Senior Secured Notes
• Size: €625,000,000
• Coupon: 6.375%
• Issue Price: 100
• Maturity: 14-May-33
• Yield to Maturity: 6.375%
• Benchmark: 2.3% DBR due 15-Feb-33
• Spread to benchmark: +348 bps
• Expected Ratings: B2/B (Moody's/S&P)
• Interest Payment Date: February 15 and August 15
• First Interest Payment Date: 15-Aug-26
• Equity Clawback: Up to 40% at 106.375% until 14-May-29
• Optional Redemption: Make-whole call at B+50bps prior to 14-May-29
• • Commencing on 14-May-29: 103.1875%
  • Commencing on 14-May-30: 101.59375%
  • Commencing on 14-May-31 and thereafter: 100.00000%
• Special call: 10% per year the first 3 years at 103
• Format: 144A/Reg S
• ISIN (RegS): XS3367705640
• Common Code (RegS): 336770564
• ISIN (144A): XS3367705723
• Common Code (144A): 336770572
• Denominations: €100k x €1k
• Trade Date: 29-Apr-26
• Settlement Date: 14-May-26
• Global Coordinator and Physical Bookrunner: JP Morgan
• Joint Bookrunners: BNPP, Citi, CA-CIB, DB, GS, ING, KKR, Mizuho, MS, RBI, UniCredit
• Governing Law: State of New York
• Listing: The International Stock Exchange
• Equity sponsor: BC Partners (56%).
• 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
• Business: The leading telecommunications player in Southeastern Europe (Bulgaria, Slovenia, Croatia, and Greece). HQ: Amsterdam, Netherlands
• Timing: books closed 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
• Target Market: Manufacturer target market (EEA MiFID II/UK MiFR professionals/ECPs-only) is eligible counterparties and professional clients only (all distribution channels)
• TOE: 15:40
• Free to trade: 16:30 UKT 29-Apr-26