Commentary & Deal Flow

Ziggo Bond Company BV (VodafoneZiggo) (ZIGGO) EUR575m 144A/Reg S green sr notes due 11/15/32 (8y). NC3 (11/15/27) (MWC B+50bp), then at 103.063, 101.531. Equity claw: 3y 40% at 106.125. Expect 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). Reg S ISIN: XS2914769299. IPT: 6.25% area. Price talk: 6.00%-6.25%.Final price: 6.125% yield.

Priced: 6.125% at 100, 6.124% YTM. +423bp vs DBR 1.70% 08/15/32.

Did investor call at 10am UKT 10/01. Books closed at 3pm UKT 10/01. 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