Commentary & Deal Flow

Kantar (KANGRP) $1.625bn equivalent (EUR/US$) 144A/Reg S sr sec 1st lien notes 3-part. Expect B2/B- (stable/positive). Via GS (B&D fixed rate notes)/DB (B&D FRN) jt glocos and physical books/Barc/BofA/HSBC/Jefferies/JPM/Mizuho/MS/NatWest/Nomura/RBS/UBS jt books. No reg rights.  List ISE. NY Law. CoC at 101.

Summer (BC) Holdco B Sarl EUR fixed/FRN.

    - EUR350m minimum sr sec fixed rate notes due 2030 (5y). NC2 (MWC B+50bp). Equity claw: 2y 40%. Special call: 10% per year the 1st 2 years at 103. 

    - EUR350m minimum sr sec FRN due 2030 (5y). NC1 (MWC B+50bp), then at par.

Summer (BC) Bidco B Sarl US$500m minimum sr sec fixed rate notes due 2030 (5y). NC2 (MWC T+50bp). Equity claw: 2y 40%. Special call: 10% per year the 1st 2 years at 103. IPT: mid-to-high 8s.

Roadshow (small group meetings) 02/04-05 (investor call at 3pm UKT/10am NYT 02/04). UOP: along with US$250m additional term loan facility, to redeem its US$425m 5.50% sr sec notes due 10/31/26 (callable at 100), redeem its EUR1bn 5.75% sr sec notes due 10/31/26 (callable at 100), repay its US$99m original facility B, partial US$100m repayment of the US$110m drawn on its revolver, and US$132m for GCP. Equity sponsor/owners: Bain Capital (60%) and WPP plc (40%). Biz: a global leader in marketing data analytics products and services that offers a comprehensive view of customers and customer behavior. HQ: London, UK.

Netroadshow: https://www.netroadshow.com/events/login?show=010c411f&confId=77527. Access code: Kantar-2025.