Commentary & Deal Flow

Sable Intl Finance Ltd (Cable & Wireless) (CWCLN) US$500m 44A/Reg S sr sec notes due 20323 (8y). NC3. Expect Ba3/BB-/BB-. Via Citi (B&D)/GS jt pysical books/BNP/CIBC/JPM/RBC/Santander/Scotia jt books. No reg rights. NY law. List ISE. Settles (T+6).

IPT: 7.25%-7.50%.

Investor call at 10:30am NYT 09/24. Pricing 09/25. UOP: partially redeem its $495m 5.75% sr sec notes due 09/07/27 (callable at 100), $1.22bn sr notes due 2027, and GCP. Biz: full-service fixed, mobile and sub-sea network provider in the Caribbean, Latin America and the Seychelles (sub of Liberty Latin America). HQ: London, UK.