Commentary & Deal Flow

+++Updates: listing, law, call structure, UOP and equity sponsor+++

PLT VII Finance Sarl (Bite) (BITELV) EUR920m 144A/Reg S sr sec two-part. Expect B2/B/B+. Via Citi/DB (B&D) jt glocos and physical books/HSBC/ING/JPM/Swedbank/UniCredit jt books. No reg rights. List ISE. NY law.

- EUR350m minimum FRN due 2031 (7y). NC1 (MWC B+50bp) (then at par).

- EUR350m minimum fixed-rate notes due 2031 (7y). NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. Special call: 10% per year the first 3 years at 103.

Roadshow (small group meetings) today-Thurs (investor call at 10:30am UKT today). UOP: along with EU22m cash on hand, to redeem its existing notes (EUR250m sr sec FRN due 01/05/26 (callable at 100) and EUR475m 4.625% sr sec notes due 01/05/26 (callable now at 101.156 and on 07/15/24 at 100)), make a EUR 200mdistribution to shareholders. Equity sponsor: Providence equity. Biz: a leading converged mobile, fixed broadband, Pay TV and media player in the Baltics. HQ: Vilnius, Lithuania.

NetRoadshow: www.netroadshow.com/nrs/home/#!/?show=01655346, or visit www.netroadshow.com and enter the requested entry code: Bite24 (not case-sensitive).