Related Issuers
by Stephen Carter
Oct 02, 2024 8:10 AM ET
Belron UK Finance plc (BELRON) EUR1.85bn equivalent (US$/EUR) 144A/Reg S 5yNC2 sr sec notes 2-part. Ba3/BB-/BB+ (stable/stable/stable). Via JPM (B&D) physical books/BNP/BofA/Barc/Citi/FITB/GS/HSBC/ING/MS/SMBC Nikko/SocGen jt glocos/BBVA/Citizens/DB/IMI/KBC/Mediobanca jt books. No reg rights. List ISE. NY law. CoC at 101.
- US$1.115bn sr sec notes due 2029 (5y). NC2 (MWC T+50bp) (50%,25%,par). Equtiy claw: 2y 40%. Special call: 10% per year the first 2 years at 103. IPT: low 6s. Price talk: 5.75%-6.00%. Launched: $1.115bn at 5.75%.
- EUR850m sr sec notes due 2029 (5y). NC2 (MWC T+50bp) (50%,25%,par). Equtiy claw: 2y 40%. Special call: 10% per year the first 2 years at 103. IPT: low 5s. Price talk: 4.75%-5.00%. Launched: EUR850m at 4.625%.
Did investor call 11am NYT / 4pm UKT 09/30. Books closed: US$ at 5pm NYT 10/01, EUR 11am UKT 10/02 (reconfirm by 2pm UKT 10/02). Pricing 10/02 UK afternoon / NY morning. UOP: Along with a approx. EUR6.3bn equivalent term loan B (EUR2.05bn via BNP/BofA/JPM+ and $4.69bn via BofA/BNP/JPM+, commitments due 5pm 10/01), and EUR515m cash on hand, to fund EUR4.359bn dividend, and refinance EUR4.256bn of existing term loans. Equity sponsors: D'eiteren Group (50.3%)/CD&R (20.4%)/Hellman & Friedman (11.4%)/GIC (4.2)/BlackRock (2.8%)/Management & Founding Family (11.0%). Biz: the global leader in vehicle glass repair and replacement and recalibration, including Safelite in the US. HQ: Egham, Surrey, UK. Deal Roadshow: https://dealroadshow.com/e/BEL... (Code: BELRONGIC24).