Commentary & Deal Flow

TalkTalk Telecom Group plc GBP110m (up from GBP100m) Reg S add-on to its 3.875% Reg S sr notes due 20-Feb-2025 (4y). NC1 (02/20/22) (MWC G+50bp), then at 101.938, 100.969, 100. Equity claw: 1y 40% at 103.875. NR/B+/BB- (--/stable/stable). Via Barc/HSBC (sole physical books/B&D)/NatWest joint books, DNB, ING, MUFG, Santander joint leads. List ISE. NY law. Interest pays Feb 20 / Aug 20, starting 02/20/21 with AI from 08/20/20. Settles 02/03 (T+5). ISIN: XS2121167345. Immediately fungible with the GBP575m issue priced 02/13/20. Px talk: 97.375-97.625 (implied yield 4.521%-4.591%). Final terms/upsize: GBP110m at 97.625 (implied yield 4.521%).

Priced: 3.875% at 97.625, 4.521% YTM. +460bp vs UKT 5% 03/07/25.

Roadshow yesterday-today (investor call at 12pm UKT 01/26). Books closed at 4:30pm UKT today. UOP: repay GBP98m drawn on its revolver (also canceling GBP100m of the revolver) (GBP10m upsize to repay bank debt, GCP). Biz: UK leading value-for-money provider of fixed-line connectivity services for residential and business customers. HQ: Salford, UK.