Commentary & Deal Flow

Nobel Bidco BV (Philips Domestic Appliances) EUR850m 144A/Reg S sr sec 1st lien notes due 2028 (7y). NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. Special call: 10% per year the first 3 years at 103. B1/B+ (stable/stable). Via JPM B&D sole physical books/HSBC/DB jt glocos/BofA/ING jt books. No reg rights. List ISE. NY law. IPT: mid 3s.

Px talk: 3.25%-3.50%.

Virtual roadshow 06/07-09 (investor call at 12pm 06/07). Books close at 10am UKT tomorrow. Pricing tomorrow (Friday). UOP: along with $850m term loan B, to fund the acquisition of the Domestic Appliances division of Royal Philips by Hillhouse Capital for EUR3.851bn, and $100m cash on the B/S. The sponsor will contribute $2.326bn equity. Biz: leading global designer, manufacturer and seller of domestic appliances. HQ: Amsterdam, the Netherlands. (Acquisition announced 03/25/21).