Commentary & Deal Flow

Ziggo Bond Company BV (VodafoneZiggo) (ZIGGO) EUR575m 144A/Reg S green sr notes due 2032 (8y). NC3 (MWC T+50bp) (50%,25%par). Equity claw: 3y 40%. Existing B3/B-/B-. Via JPM (B&D)/Citi/MS jt physical books/ABN/BofA/CA/GS/Nomura jt books. No reg rights. List ISE. New York law.  CoC at 101. Settles 10/08 (T+5). IPT: 6.25% area.

Price talk: 6.00%-6.25%.

Did investor call at 10am UKT 10/01. Books close at 3pm UKT 10/01. Pricing 10/01 UKafternoon. UOP: repay its USD625m 6.00% sr notes due 01/15/27 (currently callable at 101.00 until 01/15/25, then at 100), which will be taken over a period of time by way of open market purchases, privately negotiated transactions, tender offers, repayment, prepayments, redemptions or otherwise. Biz: provides video, broadband fixed-line telephony and mobile services to residential and business customers in the Netherlands. VodafoneZiggo is a 50:50 joint-venture between Vodafone Group and Liberty Global. HQ: Utrecht, Netherlands. NetRoadshow: https://www.netroadshow.com/events/login?show=39875640&confId=71945