Commentary & Deal Flow

Belden Inc (BDC) EUR300m 144A/Reg S sr sub notes due 07/15/31 (10y). NC5 (MWC B+50bp), then at 101.6875, 100.8483, 100.4219, 100. Equity claw: 3y 35% at 103.375. Ba3/BB- (stable/stable). Via DB (B&D and sole physical books)/JPM/UBS/WFS jt books, Stifel, Benchmark Co, TSI as co-managers. No reg rights. List Dublin. NY law. Settles 07/28 (T+10). Reg S ISIN: XS236722805. Px talk: 3.50% area (+/- 12.5bp).

Priced: 3.375% at 100. +370bp vs DBR 0.0% 08/15/31.

Did investor call at 11am UKT today. Books closed at 5pm UKT today. UOP: along with cash on hand, to redeem its EUR300m 2.875% sr sub notes due 09/15/25 on 09/15/21 at 100.719. Biz: a leading designer, manufacturer and supplier of connectivity, signal transmission and specialty networking products (cables, connectors and components) for the global network communication and specialty electronic marketplaces. HQ: St Louis, MO.