Commentary & Deal Flow

Bellis Acquisition Co plc (ASDA Group) (ASSDLN) EUR595m 144A/Reg S sr sec notes due 2031 (6y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the first 3 years at 103. B1/B+/BB (negative/negative/stable). Via Barc sole gloco and physical books, BoC/BofA/Citi/DB/HSBC/IMI/JPM/Lloyds/MS/NatWest/Rabo/RBC/SMBC jt books. No reg rights. List ISE. NY law. CoC at 101. Denom: 10x1. IPT: 8.50% area. 

Price talk: 8.25% area. 

Roadshow (virtual) 06/16-17 (investor call at 1pm 06/16). Books close at 11am UKT 06/18. Pricing 06/18 UK afternoon. UOP: along with GBP317m cash on hand, to redeem its GBP500m 4% sr notes due 02/16/27 (callable at 100), and redeem its GBP262.1m 3.25% sr sec notes due 02/15/26 (callable at 100) and GBP39.7bn 4.50% sr sec notes 02/16/26 (callable at 100). Equity sponsor: TDR Capital 75% (the Issa brothers own the other 25%). Biz: third largest grocery retailer in the UK. HQ: Leeds, UK.