Commentary & Deal Flow

PrestigeBidco GmbH (BestSecret Group) (SCHUBR) EUR315m 144A/Reg S sr sec FRN due 07/15/27 (5y). NC1 (MWC B+50bp), then at 101,100. 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. Settles 07/25 (T+7). Reg S ISIN: XS2499278724. Px talk 3mE+600bp (1% floor), 85 OID. Final terms: EUR315m 3mE+600bp (1% floor) at 85.

Priced: 3mE+600bp (1% floor) at 85.

Did investor call at 11am UKT today and small group meetings today. Books closed at 3pm today. 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.