Commentary & Deal Flow

Victoria PLC (VCPLN) EUR250m Reg S sr sec notes due March 15, 2028 (7y). NC3 (MWC B+50bp), then at 101.875, 100.938, 100. Equity claw: 3y 40% at 103.75. Special call: 10% per year the first 3 years at 103. B1/BB-/BB (negative/negative/stable). Via CS (B&D)/HSBC jt glocos and physical books/ING/NatWest jt books. List ISE. NY law. Settles 03/19 (T+*). ISIN: XS2315945829. IPT: 4.00% area. Px talk: 3.875% area (+/- 0.125%).

Priced: 3.75% at 100. +429bp vs DBR 0.5% 02/15/28.

Books closed at 1:30pm UKT 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.