Commentary & Deal Flow

Galaxy Bidco Ltd (Domestic and General) (DGGLN) GBP350m 144A/Reg S sr sec notes due 12/19/29 (5y). NC2 (12/04/26) (MWC G+50bp), then at 104.0625, 102.0313, 100. Equity claw: 2y 40% at 108.125. Special call: 10% per year the first 3 years at 103. B2/B (stable/stable). Via Barc (B&D)/BofA/Lloyds/NatWest jt glocos and jt physical books/CVC/GS/Mizuho/UBS. No reg rights. List ISE. NY law. CoC at 101, conditional on a specified net leverage ration. Settles 12/19 (T+10). Reg S ISIN: XS2958244332. IPT: low-mid 8s. Price talk: 8.25% area at par.

Priced: 8.125% at 100. +418bp vs Gilt 0.875% 10/22/29.

Roadshow (vitrual meetings) 12/02-12/03 (investor call at 11am UKT 12/02). Books closed at 12pm UKT 12/05. Reconfirms were due by 2pm UKT 12/05. UOP: along with GBP450m EUR-equivalent term loan B, to repay its outstanding debt (EUR200m (approx. GB180.6m equivalent) sr sec FRN due 07/31/26 (callable at 100); GBP405m 6.50% sr sec notes due 07/31/26 (callable at 100), GBP150m 9.25% sr notes due 07/31/27 (callable at 100), and GBP43.5m revolver draw). Equity sponsors: CVC and Abu Dhabi Investment Authority. Biz: leading international subscription provider of appliance care services embedded in the manufacturer and retail ecosystems. HQ: Whitely, UK.

Netroadshow/GIC: https://www.netroadshow.com/events/login?show=6406d6ec&confId=74856.