Commentary & Deal Flow

Bellis Acquisition Co plc (ASDA Group) (ASSDLN) EUR595m 144A/Reg S sr sec notes due 2031 (6y). NC2 (50%,25%,par). (Expect B1)/B+/(expect BB) (negative/negative/stable). Via Barc sole gloco and physical books. No reg rights. List ISE. NY law. 

IPT: 8.50% area.

Roadshow (virtual) 06/16-17 (investor call at 1pm 06/16). UOP: along with GBP300m cash on hand, to redeem its GBP500m sr notes due Feb 2027, and redeem its GBP302m 3.25% and 4.50% sr sec notes due Feb 2026. Equity sponsor: TDR Capital 50% (the Issa brothers own the other 50%). Biz: third largest grocery retailer in the UK. HQ: Leeds, UK.

Netroadshow link: https://www.netroadshow.com/events/login?show=68e85583&confId=83832