Commentary & Deal Flow

Victoria PLC (VCPLN) EUR250m Reg S sr sec notes due March 2028 (7y). NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. Special call: 10% per year the first 3 years at 103. Expect B1/BB-/BB. Via CS (B&D)/HSBC jt glocos and physical books/ING/NatWest jt books. List ISE. NY law.

IPT: 4.00% area.

Pricing today. UOP: along with EUR87m cash on hand, remaining from the EUR500m 3.625% sr sec note due 08/24/26 issued 02/24/21, to redeem the remaining EUR322.082m of its EUR500m 5.25% sr sec notes due 07/15/24 via MWC B+50bp (roughly EUR13.4bn total call premium) (on 03//05 Victoria purchased EUR127.918m via the tender offer and on 03/09 redeemed EUR50m via the special call). 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.