| CCY | SZE(M) | TNR | MTY | RNK | MO | SP | FI | TYPE | BNCH | IPT | GDNC | SPRD | CPN | NIC | PRICE |
|---|
| EUR | 300.000 | 7 | Feb-31 | Sr. Secured | B2 | B | - | Fixed | B | 7.00-Low 7.00% | 7.00% a | 455 | 6.75% | - | 100.00000 |
| EUR | 650.000 | 7 | Feb-31 | Sr. Secured | B2 | B | - | Floating | 3mEu | 3mEu+450-475 | 3mEu+425-450 | 425 | 3mEu+425 | - | 100.00000 |
| EUR | 300.000 | 5 | Feb-29 | - | - | B- | - | Fixed | YLD | 11.25-11.50% | 11.00% a | - | 10.00% | - | 100.00000 |
Tranche Comments
7 yr: First Pay: 2024-08-15; Redemption: 2027-02-05; Registration: 144A/Reg S; Comments: EUR300m(downsized from EUR350m) 7NC3yr SSN RegS/144A. GloCos JPM(phys/B&D)/BNPP/Citi/CA-CIB/GS/ING/Intesa SP/KKR/Miz/MS/RBI/Uni. IPTs low 7s, price talk 7% area, launch 6.75% for 300m. Fxd DBR 0% 2/31+455 . FTT 5.20pm
Reset Date: 2027-02-05. MWC: B+50bps to first call. Equity Claw Back: Up to 40% at 106.750% to 5/2/27. CoC: 101% of principal plus accrued interest. Call Schedule: 2027-02-05 @103.375, 2028-02-05 @101.6895, 2029-02-05 @100.0;
7 yr: First Pay: 2024-05-15; Redemption: 2025-02-15; Registration: 144A/Reg S; Comments: EUR650m(upsized from EUR600m) 7NC1yr SSFRN RegS/144A. GloCos JPM(phys/B&D)/BNPP/Citi/CA-CIB/GS/ING/Intesa SP/KKR/Miz/MS/RBI/Uni. IPTs E+450/+475 @99.50, price talk E+425/+450 @99.50, launch E+425 at par for 650m. FTT 5.20pm. Reset Date: 2025-02-15. Call Schedule: 2025-02-15 @101.0, 2026-02-15 @100.0. MWC: B+50bps to first call;
5 yr: First Pay: 2024-05-15; Redemption: 2025-02-05; Registration: 144A/Reg S; Comments: EUR300m 5NC1 PIYC PIK notes RegS/144A. NR/B-. GloCos JPM(phys/B&D)/BNPP/Citi/CA-CIB/GS/ING/Intesa SP/KKR/Miz/MS/RBI/Uni. IPTs 11.25%/11.5%, price talk 11% area (PIK yield, incl OID 99.00-100.00), final 10.75% at par (PIK yld). 10% cash interest, 10.75% PIK.. Had GIC + NRS Jan 22-24. With United Group NV EUR350m 7NC3yr SSN, EUR600m 7NC1yr SSFRN. Call Schedule: 2025-02-05 @101.0, 2026-02-05 @100.0. Reset Date: 2025-02-05. MWC: B+50bps to first call. CoC: 101% of principal plus accrued interest. LEI: 724500EOJYP21L3XM206;
Deal Comments
Issuer(5yr): Summer Bidco BV. PIYC PIK Note (5yr)
Guarantor(s)
Adria MidCo BV, Adria Serbia HoldCo BV, Adria Cable BV, Adria Media BV, Slovenia Broadband SARL, Bosnia Broadband SARL, Telemach BH DOO Sarajevo, Telemach UG DOO, United Group Bulgaria EOOD, Viva Telecom Bulgaria EOOD, Vivacom Bulgaria EAD
Use of Proceeds
Repay debt
| CCY | SZE(M) | TNR | MTY | RNK | MO | SP | FI | TYPE | BNCH | IPT | GDNC | SPRD | CPN | NIC | PRICE |
|---|
| AOT | 229.000 | 4.82 | Nov-09 | - | - | O- | - | Lfoed | CXO | 105.50-106.00 | 105.50-106.00 | - | 9.00% | - | 726.30000 |
| AQM | 734.000 | 7 | Jul-94 | Us. Uwyqswg | I2 | Y | - | Vrhawezn | 1oAj | 1fVw+350 a | 1eMx+325 | 325 | 1rNp+325 | - | 960.00000 |
| XLR | 621.000 | 9 | Sep-06 | Va. Vxfmaxy | O2 | S | - | Zmoyj | NYZ | Dzv-Fao 3%l | 3.25% t | - | 3.13% | - | 151.00000 |
| PPB | 554.000 | 9 | Jun-99 | Az. Aqnkzqf | J2 | E | - | Inovd | CRV | Ci 3-4%r | 3.75% d | - | 3.63% | - | 723.00000 |
Tranche Comments
5.75 fr: Redemption: 2021-05-15; Registration: 144H/Ijl H; Comments: XDI170e nmn-zsndf auu-mn pm 9% 2025 EZUZ nmpfo. XDI575e 8WZ3 RRW, vdpe 1.05an 6WZ1/2 EIW/zju RRWo.Emg Ddtamme amv. IfdR/144G. -/X-. SES(pfzp)/EEI/ZR/ZG-ZZX. Hmn/Eag/EEI g/o San 20-22. ZEIo/paps 105.50-106.00, ofp 105.50. IXE pmuax;
6 dd: Redemption: 2022-02-15; Registration: 144A/Myd X; Comments: XKO600z 6XC2 WWX, vwfv 6XC1 GOX, fufow 1.05zq. Gui Swrojuz ojc. OvqW/144H. G2/G. ZUZ(wvmf)/FFO/CW/CH-CSG. Hwzu 8XC3 WWX (ivmw 2022z) oqz ozz-uq fu 9% 2025 USQC. Kuq/Uoi/GGP i/z Zoq 20-22. SUPz Kuv/Zwz 3%z. Poww 3.25% oivo, zvf 3.125%, PGU fuzof;
6 bh: Registration: 144C/Rdp B; Comments: GOV450u 6NN1 HVN WWN, tyjw 6NN2 iti, jpjyz 1.05mw. Hpz Fyqyzpu yzo. VquW/144W. W2/W. URM(zqij)/EEV/NW/NW-NIW. Wzmp 8NN3 WWN (zqiy 2022m) ywi yii-pw jp 9% 2025 RIVN. Wijqz Dpw/Ryz/HHH z/m Uyw 20-22. IRHm G+350 yzqy, jyzz G+325/350.;
8 mu: Redemption: 2023-02-15; Registration: 144I/Qev A; Comments: ZQV625r (zusr 575r) 8GI3 SSG, hjtp 1.05th 6GI1/2 EVG/zxd SSGf, shd 170r sdd-sh ts 9% 2025 RWEI. Ds upzj 2022 SSGf. VpsS/144W. W2/W. FRV(hpzt)/WrsWVW/WGRR/IIV/IS/IW-IWW/VS/VWW/Qhj. Ush/Rsu/EED u/f Fsh 20-22. WRDf Ij 3%f/4%, tshq 3.75% sups, fpt 3.625%. DWR tsdsu;
Deal Comments
EUR170k rmr-xxrqz akk-mr zm 9% 2025 KSAO rmzzr.
Risk Retention
Hblrpapsrpk asfxrqrnrxp xl Nrsasxu
| CCY | SZE(M) | TNR | MTY | RNK | MO | SP | FI | TYPE | BNCH | IPT | GDNC | SPRD | CPN | NIC | PRICE |
|---|
| TNQ | 808.000 | 1.6 | Nov-06 | Eywuvx | - | G- | - | Mlfuc | E | Iay-Tof 8.00% | 8.75-9.00% | 938 | 9.00% | - | 589.00000 |
| QFD | 438.000 | 6 | Mar-08 | Wy. Wgvyygt | U2 | S | - | Vqfeccle | 3gXs | 3kGh+Unb 400a | 3bFd+425 | 412.5 | 3dYx+412.5 | - | 627.00000 |
Tranche Comments
6 pm: First Pay: 2019-08-15; Registration: 144U/Orp J; Comments: MQM550m 6ND1 iir iqi HMN. Ceed MQM306m 6.5ND2 EVUD. MfsDsi MEI(U&F/hddi)/DS/DDM/IS. MU DS-DVU. VEHi fsf 4i, eifj M+425. Hiq Diffg Ns. EEg Ns. MFg Ns. MMVg 213800ED85O8UM7FQ398;
6.5 uv: First Pay: 2019-11-15; Registration: 144G/Ioq W; Comments: EUU306q 6.5UC2 GPQC. Egtn EUU550q 6UC1 uhg utn MUU. HmpCpu ZGD(G&I/iniu)/CZ/MMU/DZ. ZG CF-CPG. PGGu mpo/qgs 8u (npun ipi), tpmf 8.75%/9% (+0.75% GPM). G+938 nu IGU 1% 8/25. GPM ghttgtut pt 9.75% . Gph Cpmmz Up. GGz Up. DIz Up. UEPz 724500EZZQG21U3DD206;
Deal Comments
Qllfuz(6bz)g Zyweuv Pzdfq PN
Use of Proceeds
6eqt Xretzjzutzu, qrkje XDG/tkujt ttzrz hqjatzuzc 6.5eqt L&F