Commentary & Deal Flow

PrestigeBidCo GmbH (BestSecret Group) (SCHUBR) EUR550m 144A/Reg S sr sec FRN due 2029 (5y). NC1 (MWC B+50bp) (par). B1/B+ (stable/stable).Via DB/GS/JPM (B&D)/UniCredit jt books. No reg rights. List ISE. IPT: E+425bp at 99.50.

Price guidance: E+400-425bp at par. 

Roadshow (small group meetings) 06/17-18 (investor call at 11:30am UKT 06/18). Pricing 06/19. UOP: along with EUR113m cash on hand, to repay its existing EUR400m FRN due 07/15/27 (callable 07/15/24 at 100), and fund a EUR250m 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.