Commentary & Deal Flow

Verisure Holding AB (publ) (VERISR) EUR525m (up from EUR300m minimum) 144A/Reg S sr sec notes due 05/15/30 (6y). NC2 (MWC B+50bp), then at 102.75, 101.375, 100. Equity claw: 3y 40% at 105.50. IPO call: at any time for whole or in part at 102. Special call: 10% per year the first 3 years at 103. B1/B+ (positive/stable). Via JPM (B&D) sole physical books/BofA/GS jt glocos/BNP/Citi/DB/MS/Nomura/Nordea jt books. No reg rights. List Lux. Settles 05/16. Regs S ISIN: XS2816753979. IPT: high 5s. Price talk: 5.50%-5.75%. Final terms: EUR525m at 5.50%.

Priced: 5.50% at 100. +297bp vs DBR 0% 02/15/30.

Roadshow 1-on-1s 04/29 (investor call at 11am UKT 04/29). Books closed at 12pm UKT today. Reconfirms were due by 1:30pm UKT today. UOP: along with EUR525m TLB A&E, to tepay the EUR200m drawn on its revolver, partially repay and amend & extend its EUR800m TLB due July 2026. Equity sponsors: Hellman & Friedman (59.6%), Eiffel (GIC) (21.8%), Alba (7.60%). Biz: Leading European provider of professionally monitored alarm systems, primarily for residential and small business customers. HQ: Geneva, Switzerland.