Commentary & Deal Flow

Diebold Nixdorf (DBD) approx $1.095bn (up from $1.085bn) equivalent (USD/EUR) 144A/Reg S sr sec 1st lien notes two-part. B3/B- (stable/negative). Via JPM/PNC/BofA/CS/DB/USB joint books, HSBC as co-manager. No reg rights. Denoms: USD 2x1, EUR 100x1. Settles T+7.

- Diebold Nixdorf Inc USD700m (up from USD690m) sr sec 1st lien notes due 2025 (5y). NC2 (MWC T+50bp) (par + 50%, 25%, par). Equity claw: 2y 40%. IPT 10%. Px talk: 9.75%-10%. Launched: $700m at 9.375% coupon to yield 9.625% (at approx 99.031).

- Diebold Nixdorf Dutch Holding BV EUR350m sr sec 1st lien notes due 2025 (5y). NC2 (MWC B+50bp) (par + 50%, 25%, par). Equity claw: 2y 40%. IPT low 9s. Px talk: 9.25%-9.50%. Launched: EUR350m at 9.00% coupon to yield 9.125% (at approx 99.511).

Did investor call at 11am NYT, 4pm UKT 07/07. Books closed for US investors at 6pm NYT yesterday; for EUR investors at 1pm UKT/8am NYT today. Reconfirm orders by 10:30am NYT / 3:30pm UKT today. Pricing today. UOP: Along with $152m cash on hand, to refinance its existing TLA ($358m), TLA-1 ($594m) and pay down a portion of its 2020 revolver ($196m). Biz: a leading manufacturer of ATMs, cash recyclers, self-checkout kiosks, point of sale terminals and related software and services for banks and retailers. HQ: North Canton, OH.