Commentary & Deal Flow

+++Corrects expected Moody's outlook to stable (not positive)+++

PrestigeBidco GmbH (BestSecret Group) (SCHUBR) EUR315m 144A/Reg S sr sec FRN due 2027 (5y). NC1 (101, par). Expected B1/B+ (stable/stable) (expected corp ratings B1/B+, up from B2/B). Via DB/GS (B&D)/JPM/UniCredit jt books. No reg rights. List ISE. NY law. Px talk 3mE+600bp (1% floor), 85 OID.

Final terms: EUR315m 3mE+600bp (1% floor) at 85.

Did investor call at 11am UKT today and small group meeting today. Books close at 3pm today. Pricing today UK afternoon. UOP: repay and redeem its EUR260m 6.25% sr sec notes due 12/15/23 (callable at 100), GCP. Equity sponsor: Permira is the majority owner with the Schustermann and Borenstein founding families owning the remainder. Biz: European members-only destination for online off-price fashion with a focus on mid-market to luxury fashion. HQ: Munich, Germany.