Commentary & Deal Flow

Telekom Srbija A.D. Beograd ("Telekom Srbija") (SBRIJA) exp NR/BB-/B+ (-/s/p) US$900m 144A/Reg S 5nc2 (50%, 25%, par) sr notes due 10/28/29. BNP/BofA (B&D)/DB/Erste/MUFG/RBI/UniCredit. MWC T+50bp. Equity claw: 2y 35%. 101 CoC. List GEM Dublin. English law. Semi pay. UOP: along with a EUR383.1m term loan, to refinance certain existing indebtedness (foreign and domestic term loans and revolvers). DealRoadshow Presentation (Voiceover) - Access Details: URL: https://dealroadshow.com; Entry Code: TELSERB; Direct Link: https://dealroadshow.com/e/TELSERB. Pricing 10/21. Settle 10/28 (T+5).

IPTs: 7.5% area.

GUIDANCE: 7.125% area. Size up to $900m. Orderbooks over $4.3bn (excluding JLMs).

LAUNCHED: $900m 5nc2 at 7%. Orderbooks over US$ 5.5bn (pre rec, at guidance).