Commentary & Deal Flow

TalkTalk Telecom Group plc GBP575m (up from GBP500m) Reg S sr notes due 2025 (5y). NC2 (MWC G+50bp). Equity claw: 2y 40%. NR/(expect BB-)/BB- (--/--/stable). Via Barc/HSBC (B&D)/NatWest joint glocos/physical books, Bank of Ireland, CIC, DNB, ING, MUFG, Santander joint leads. No reg rights. List ISE. NY law. IPT low 4s. Px talk: 4.00% area (+/- 0.125%). GBP75m upsize UOP: pay down revolver.

Final pricing: GBP575m at 3.875%.

Roadshow Feb 11-12. Books closed at 10am UKT today. Pricing today. UOP: redeem its GBP400m 5.375% sr notes due 01/15/22 (callable at 101.344), repay GBP87m drawn on its revolver. Biz: UK leading value-for-money provider of fixed-line connectivity services for residential and business customers.