Commentary & Deal Flow

• Issuer: United Group B.V.
• Ticker: ADRBID
• Size: EUR200m
• Format: Reg S / 144A no reg rights
• Security: 6.75% Senior Secured Notes due 2031
• Price Progression:
  • Priced: 100.
  • Price talk: 100.00-100.25
  • IPT: Par area
• Coupon: 6.75%
• Price: 100
• Yield to Maturity: 6.861%
• Issue Ratings: B2 / B
• Maturity: 15-February-2031 (4y)
• Fungible: 144A immediately (Reg S after 40 days) with the EUR350m issuer priced 24-Jan-2024
• Existing Issue: 6.75% Senior Secured Notes due 2031
• Optional Redemption: MWC B+50bp, until 05-February-2027, then at then at 103.375 05-Feb-2027, 101.6875 05-Feb-2028. 100 05/Feb/2029
• Equity claw: 40% at 106.75 until 05-Feb-2027
• Special call: 10% at 103 p.a. until 05-Feb-2027
• Change of Control: investor put at 101
• Interest payments: Feb 15 and Aug 15, starting 15-Feb-2027
• Denominations: 100kx1k
• Listing: The International Stock Exchange
• Law: New York
• Sole Global Coordinator and Sole Bookrunner: J.P. Morgan
• Denoms: 100k x 1k
• Settlement Date: 12-Oct-2026
• ISINs: 144A XS2758099696; Permanant Reg S XS2758078930; Temporary Reg S ISIN: XS3524468405.
• UOP: Repay drawings on RCF, general corporate purposes and pay transaction fees and expenses
• Biz: The leading telecommunications player in Southeastern Europe (Bulgaria, Serbia, Slovenia, Croatia, Bosnia & Herzegovina, Montenegro and Greece)
• HQ: Amsterdam, Netherlands
  Marketing:
• Investor Call: 28-September-2026 at 10:00am UKT
• Books closed: 14:30pm UKT 28-September-2026
• FTT: 4:30pm UKT 28-Sept-2026

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