Commentary & Deal Flow

IPTs: 7NC3: Low 5%s

• Issuer: Sunrise HoldCo IV B.V. (Ticker: SUNN) (f/k/a UPC Holding BV)
• Size: EUR500m
• Format: 144A/Reg S, no reg rights
• Security: Senior Secured Notes due 2033 (7NC3)
• Expected Issue Ratings: Ba3 / BB- / BB+ (M/S/F)
• Maturity: July-2033 (7y)
• Optional Redemption: NC3 (MWC B+50bp); Equity claw: 3y 40%; Sprecial call: 10% per year the first 3 years at 103
• • From July-2029: 100 + 50% of coupon
  • From July-2030: 100 + 25% of coupon
  • From July-2031: 100
• Listing: The International Stock Exchange
• Law: New York
• Denominations: 100kx1k
• Joint Physical Bookrunners: Citi (Left, B&D), Bank of America
• Joint Bookrunners: Goldman Sachs, JP Morgan, MUFG, Morgan Stanley, UBS
• UOP: Redeem in full Sunrise HoldCo IV BV's EUR287.854m 3.875% Senior Notes due 15-Jun-29 (callable at 100). Remaining proceeds will be used to partially refinance EUR212.25m of UPCB Finance VII Ltd's existing EUR318.146m 3.625% Senior Secured Notes due 06/15/29 (callable at 100), the remaining EUR105.89m of the sr sec notes will be repaid in H2 2026 from operating cashflows.
• Biz: Sunrise is the premium and scaled Swiss challenger with strong positions in mobile, broadband and TV and is listed on the SIX Swiss Exchange with a market capitalisation of approximately CHF 3.1bn. HQ: Glattpark (Opfikon), Switzerland.
  Marketing:
• Investor Call: 10:30am UKT / 11:30am CET today, 20-July-2026
• Pricing: may price 20-July-26
• ToE: Eligible counterparties and professional clients only. No EEA PRIIPs KID or UK DISC disclosure document has been prepared.

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