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Commentary & Deal Flow

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by Stephen Carter

Jun 04, 2026 5:37 AM ET

PX TALK: United Group €305m Tap Snr Sec FRN 2033 99.75 area, pxg today

HYC European Market: Deal Flow - General

Issuer	Term	Call	Maturity	Size	Ranking	Type	IPT	Price talk
United Group BV	7yrNC0.5	0.5y	31-Jan-33	€305m	Snr Sec	Floating	99.25a	99.75a

Price talk: 7yrNC0.5: 99.75a

IPTs: 7yrNC0.5: 99.25a

Issuer: United Group BV
Ticker: ADRBID
Ratings: B2/B (Moody's/S&P)
Format: 144A/Reg S (No reg rights)
Size: €305m
Type: Tap
Security: Senior Secured FRN
Maturity: 31-Jan-33
Coupon: 3mE+325bp
Call Protection: NC0.5, MWC B+50bp, Callable 31-Jan-27 at 100
Change of Control: 101
Interest Payment Dates: 15-Feb, 15-May, 15-Aug, 15-Nov, starting 15-Aug-26
Listing: ISE
Governing Law: New York law
Denominations: €100k x €1k
Fungibility: 144A immediately (Reg S after 40 days)
Original Issue: €1.13bn priced 15-Jan-26
Use of Proceeds: Redeem its existing €300m 4.625% sr sec notes due 15-Aug-28 (callable at 101.156)
Sole Physical Bookrunner: JPM
Joint Global Coordinators & Joint Bookrunners: BNPP, Citi, CA-CIB, DB, GS, ING, KKR, Mizuho, MS, RBI, UniCredit
Biz: leading telco and media player in Southeastern Europe (Bulgaria, Serbia, Slovenia, Croatia, Bosnia & Herzegovina, Montenegro and Greece). HQ: Amsterdam, Netherlands.
Marketing: GIC 03-Jun-26 at 10:00am UKT.
Timing: Books close at 12pm UKT 04-Jun-26