Commentary & Deal Flow

Sable Intl Finance Ltd (Cable & Wireless) (CWCLN) US$1bn (up from US$750m and US$500m) 44A/Reg S sr sec notes due 10/15/32 (8y). NC3 (10/15/27) (MWC T+50bp), then at 103.563, 101.781, 100. Ba3/BB-/BB- (negative/stable/stable). Via Citi (B&D)/GS jt pysical books/BNP/CIBC/JPM/RBC/Santander/Scotia jt books. No reg rights. List ISE. NY law. Settles 10/03 (T+6). 144A CUSIP: 785712AK6. IPT: 7.25%-7.50%. $250m upsize UOP to refi a portion of C&W's outstanding debt (expected to be all of C&W's $495m sr sec notes due 2027 and a portion of C&W's $1.2bn sr notes due 2027), which may occur via open market purcshases, privately negotiated transactions, tendet offers, redemptions or other transactions. Price talk: 7.25% area. Launched: $1bn at 7.125%.

Priced: 7.125% at 100. +349bp vs 3.75% 08/31/31.

Did investor call at 10:30am NYT 09/24. Books closed at 12pm (from 11am) 09/25. UOP: partially redeem its (CWCLN) $495m 5.75% sr sec notes due 09/07/27 (callable at 100), C&W Senior Finance Ltd (CWCFIN) $1.22bn 6.875% sr notes due 09/15/27 (callable at 100.859), 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.