Commentary & Deal Flow

Vestel Elektronik Sanayi ve Ticaret AS (VESTL) exp B3/B+ (Moody's/Fitch) US$450m 144A/Reg S 5nc2 sr notes due 5/15/29. BofA (B&D/GC)/JPM (GC)/ENBD joint books. 101 CoC, tax changes call. MWC T+50 during non-call period. Equity Clawback: up to 40%. Standard Call: YR2 at par +50%; YR3 at par +25%; YR4 at par. UOP: To be used by the issuer predominantly to refinance existing indebtedness and fund capital expenditures. Investor Presentation: https://www.netroadshow.com/nrs/home/#!/?show=c4e19d19 (recommended) or https://www.netroadshow.com | entry code: vestl24 (not case-sensitive). Pricing 5/8. Settle 5/15.

IPTs: 10% area.

PRICED: $450m 9.75% 5/15/29 99.516 9.875%. MW+50.