Commentary & Deal Flow

+++Corrects typo on the yield: 7.124% (not 7.214%)+++

Verisure Holding AB (Publ) (VERISR) EUR450m (up from EUR350m) 144A/Reg S sr sec notes due 02/01/28 (5y). NC2 (MWC B+50bp), then at 103.5625, 101.7813, 100. Equity claw: 2y 40% at 107.125. Special call: 10% per year the first 2 years at 103. B1/B (stable/stable). Via GS (B&D)/BofA/JPM jt glocos/Barc/CA/CS/DB/MS jt books. No reg rights. List Lux. NY law. Settles 01/30 (T+5). Reg S ISIN: XS2581647091. IPT: 7.50% area. Px talk: 7.25% area.

Priced: 7.125% at 100, yield 7.124%. +494bp vs DBR 0.0% 11/15/27.

Did investor call at 10:30am UKT today (Netroadshow: Viking2023). Books closed at 3pm UKT today. UOP: partially repay the EUR408m drawn on its EUR700m revolver (EUR100m upsize also to repay revolver, and GCP). Equity sponsors: Hellman & Friedman (59.4%), Eiffel (GIC) (21.7%), Alba (7.50%). Biz: Leading European provider of professionally monitored alarm systems, primarily for residential and small business customers. HQ: Geneva, Switzerland.