Commentary & Deal Flow

Bellis Acquisition plc (ASDA Group) GBP1.75bn 144A/Reg S sr sec notes due 2030 (6y). NC2 (50%,25%,par). B1/B+/BB (--/stable/--). Via Barc (B&D)/DB/JPM jt physical books/BoC/BofA/HSBC/Intesa/Lloyds/MS/Natwest/Rabo/SMBC Nikko/RBC jt glocos/Citi jt books. No reg rights. List ISE. NY law.

IPT: low-mid 8s.

Roadshow today-tomorrow (investor call at 12pm today). UOP: along with GB900m EUR equivalent (EUR1.150bn) sr sec term loan B 2031, and cash on hand to refi the majority of its existing sr sec debt due 2026. Also extending its existing term loan A and revolver. Biz: third largest grocery retailer in the UK. HQ: Leeds, UK.