Commentary & Deal Flow

VZ Vendor Finance II BV (VodafoneZiggo) EUR700m (up from EUR600m) 144A/Reg S vendor financing notes (green bond) due 01/15/29 (8y). NC3 (MWC B+50bp), then at 101.4375, 100.7188, 100. Expect B2/B-/B-. Via DB (B&D)/Citi/ING joint lead books/BofA/CA/MUFG/Rabo/RBC joint books. No reg rights. List Dublin. English law. Settles 12/18 (T+9). Reg S ISIN: XS2272845798. Px talk: 3.00% area. $100m upsize UOP: replace bank financing lines. Final terms: EUR700m at 2.875%.

Priced: 2.875% at 100. +352bp vs 0.00% DBR 08/15/29.

Did investor call at 10:30am UKT today. Books closed at 4:30pm (from 3pm) UKT today. UOP: refinance existing EUR600m 2.50% vendor financing notes due Jan 2024. Biz: provides video, broadband fixed-line telephony and mobile services to residential and business customers in the Netherlands. HQ: Utrecht, Netherlands.