Commentary & Deal Flow

PLT VII Finance Sarl (Bite) EUR620m 144A/Reg S sr sec notes fixed/floater 2-part. Expect B2/B/B+. Via Citi/DB (B&D) jgcs/joint physical books/ING/Unicredit joint books. No reg rights. List ISE. NY law. 100x1. Tranche split TBD.

    - EUR TBA fixed-rate notes due 2026 (5.5y). NC2 (MWC B+50bp) (50%, 25%, par). Equity claw: 2y 40%.

    - EUR TBA FRN due 2026 (5.5y). NC1 (MWC B+50bp) (101, par). 0% floor.

Investor call 11am UKT today. Telephonic roadshow today/tomorrow. UOP: repay in full its existing credit facilities (EUR449m), fund a reduction in share capital (EUR185m). Equity sponsor: Providence Equity. Biz: the parent company of Bite group, a leading converged mobile, media, fixed broadband and PayTV player in the Baltics with total c. 2.5m mobile, broadband and PayTV RGUs, as well as unique media content and strong FreeTV market shares in Lithuania, Latvia and Estonia. HQ: Vilnius, Lithuania