Commentary & Deal Flow

PrestigeBidCo GmbH (BestSecret Group) (SCHUBR) EUR550m 144A/Reg S sr sec FRN due 2029 (5y). NC1 (par). Exixting ratings B1/B+.Via DB/GS/JPM (B&D)/UniCredit jt books. No reg rights. List ISE.

IPT: E+425bp at 99.50.

Roadshow (small group meetings) today-tomorrow (investor call at 11:30am UKT today). UOP: repay its existing EUR400m FRN due 07/15/27 (callable 07/15/24 at 100), and fund a shareholder distribution. Equity sponsor: Permira is the majority owner with the Schustermann and Borenstein founding families owning the remainder. Biz: European members-only destination for online off-price fashion with a focus on mid-market to luxury fashion. HQ: Munich, Germany.