Commentary & Deal Flow

Veritas US Inc/Veritas Bermuda Ltd (VERITS) $1bn (up from $600m) 144A/Reg S sr sec notes due 2025 (5y). NC1 (par + 50% of coupon). B2/B (stable/negative). Via MS/BofA/UBS/Barc/Citi/CS/GS/HSBC/Jefferies/Mizuho/SMBC Nikko joint books. No reg rights. IPT high 7s to 8%. Price talk 7.50%-7.75%.

Upsize: to $1bn from $600m. $400m upsize proceeds to downsize the US$ and EUR term loan Bs. Reconfirm orders by 12pm today. Pricing this afternoon.

Did Zoom roadshow meetings 08/11-12 (MS hosted a 90-minute webinar in place of the investor call at 12pm 08/10). Books closed at 4pm 08/12. UOP: along with $1.55bn and EUR690m term loan B via BofA/MS+ (commitments due 08/12), to refinance its existing term loan Bs due Jan 2023 (US$1.933bn and EUR900m). Equity sponsor: the Carlyle Group. Biz: sub of Veritas Holdings Ltd, a information management software provider (data storage management, and backup and recovery software). HQ: Santa Clara, CA.