Commentary & Deal Flow

Victoria PLC (VCPLN) EUR500m (up from EUR350m) Reg S sr sec notes due Aug 24, 2026 (5.5y). NC2 (02/28/23) (MWC B+50bp), then at 101.813, 100.906, 100. Equity claw: 2y 35% at 103.625. Special call: 10% per year the first 2 years at 103. B1/BB-/BB (negative/negative/stable). Via CS (B&D)/HSBC jt glocos and jt physical books/ING/NatWest joint books. List ISE NY law. Settles 03/05 (T+7). Reg S ISIN: XS2307567086. IPT: 4.00% area. Px talk: 3.75%-4.00%. Launched: EUR500m 3.625% at par.

Priced: 3.625% at 100. +422bp vs DBR 0% 08/15/26.

Roadshow 02/23-24 (investor call at 12:30pm UKT 02/23). Books closed at 4:30pm UKT (originally closing at 2:30pm UKT today). UOP: GCP, including potential near term acquisitions, and the partial refinancing of EUR200m (up from EUR50m) of its EUR476m 5.25% sr sec notes due 07/15/24 via a tender offer (EUR1,040 tender price, CS/HSBC dealer managers) (EUR150m upsize to tender for its 5.25% sr sec notes due 2024). Biz: leading designer, manufacturer and distributor of innovative flooring products (carpets, ceramic tiles, underlay, vinyl tiles, artificial grass, and flooring accessories) across the UK, Continental Europe and Australia. HQ: Kidderminster, UK.