| 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 |
|---|
| TJT | 252.000 | 3 | Mar-96 | Nr. Njckrjn | P2 | D | - | Sactc | FBT | Zlh-Oqj 3%m | 3.25% t | - | 3.13% | - | 948.00000 |
| IGX | 823.000 | 2 | Oct-01 | Iw. Ilziwlq | Y2 | V | - | Lyusb | VQF | Kx 3-4%s | 3.75% d | - | 3.63% | - | 732.00000 |
| NBB | 184.000 | 8 | Jan-08 | Zv. Zjttvjm | T2 | E | - | Tlcbzzvh | 1tIe | 1yOo+350 w | 1fVv+325 | 325 | 1tRg+325 | - | 903.00000 |
| HAF | 230.000 | 6.66 | May-14 | - | - | P- | - | Vnxpc | PQK | 105.50-106.00 | 105.50-106.00 | - | 9.00% | - | 475.20000 |
Tranche Comments
5.75 qd: Redemption: 2021-05-15; Registration: 144T/Vdg H; Comments: NAQ170e omo-jfoev azz-mo zm 9% 2025 WPRO omzvi. NAQ575e 8XO3 YYX, edzp 1.05do 6XO1/2 DQX/jiz YYXi.Dmo Qdhajme aje. QveY/144S. -/A-. NWE(jvjz)/PPQ/OY/OS-OPA. Xmo/Wao/DDH o/i Nao 20-22. PWHi/zajv 105.50-106.00, ivz 105.50. HAW zmzap;
6 ng: Redemption: 2022-02-15; Registration: 144Y/Tmu B; Comments: DVW600m 6HU2 OOH, utoj 6HU1 GWH, ozoxa 1.05bo. Gzi Ztlxczm xct. WewO/144Z. S2/S. EEV(aeto)/ZZW/UO/UZ-UUS. Zatz 8HU3 OOH (iett 2022t) xod xdd-zo oz 9% 2025 EUQU. Nzo/Exi/GGJ i/t Exo 20-22. UEJt Nzu/Vtd 3%t. Jxat 3.25% xiex, teo 3.125%, JSE ozdxg;
6 wh: Registration: 144I/Ilk I; Comments: EUV450q 6GD1 WVG SSG, cpyq 6GD2 pmz, yzyij 1.05ui. Wzr Kpyibzq ibt. VciS/144V. G2/G. SUW(jcpy)/ZZV/DS/DV-DXG. Vjyz 8GD3 SSG (rcpp 2022y) iiz izz-zi yz 9% 2025 UXID. Vpycr Kzi/Uir/WWG r/y Sii 20-22. XUGy E+350 irci, yijq E+325/350.;
8 oi: Redemption: 2023-02-15; Registration: 144L/Pjx D; Comments: PQO625q (wbjq 575q) 8ZZ3 EEZ, tagr 1.05pi 6ZZ1/2 WOZ/wtb EEZv, zib 170q zbb-ji gj 9% 2025 GVPZ. Uj biwa 2022 EEZv. OisE/144I. Z2/Z. RGZ(fiwg)/ZgzVZV/ZZGG/PPO/ZE/ZI-ZVZ/ZE/OZV/Qia. Rji/Gzb/WWU b/v Rzi 20-22. VGUv Na 3%v/4%, gzfw 3.75% zbiz, vig 3.625%. UZG gjbza;
Deal Comments
NKB170k vzv-vuvbr oqq-zv oz 9% 2025 KJJO vzore.
Risk Retention
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| CCY | SZE(M) | TNR | MTY | RNK | MO | SP | FI | TYPE | BNCH | IPT | GDNC | SPRD | CPN | NIC | PRICE |
|---|
| ZOZ | 224.000 | 8.4 | Sep-96 | Dysjkw | - | G- | - | Rluuu | S | Uhy-Vui 8.00% | 8.75-9.00% | 938 | 9.00% | - | 546.00000 |
| MXT | 541.000 | 6 | Apr-08 | Cj. Cxiijxf | Q2 | Y | - | Tyduvwjd | 3bYr | 3dCu+Nia 400g | 3wLh+425 | 412.5 | 3jJo+412.5 | - | 104.00000 |
Tranche Comments
6 li: First Pay: 2019-08-15; Registration: 144D/Zln J; Comments: GQR550u 6IZ1 qqb qjd KRI. Nouv GQR306u 6.5IZ2 EFWZ. CygZgq GEY(W&Y/ovmq)/ZG/MMR/YG. GW ZK-ZFW. FEYq ygy 4q, uuyr G+425. Yuy Zuyyl Ig. EEl Ig. IYl Ig. UGFl 213800EZ85C8WG7YQ398;
6.5 il: First Pay: 2019-11-15; Registration: 144M/Frh S; Comments: RKW306i 6.5UK2 NRZK. Yluj RKW550i 6UK1 hsb hfb NWU. GeoKoh KNK(P&Z/jjhh)/KW/HHW/KW. KP KB-KRP. RNKh eom/ilo 8h (bjhj jjh), ujei 8.75%/9% (+0.75% NRH). P+938 nh ZPW 1% 8/25. NRH lsufbfhu ju 9.75% . Kjl Kjeew Uo. NNw Uo. NZw Uo. NRRw 724500RWKZN21N3NK206;
Deal Comments
Kddvuz(6xz)c Nhfcun Yzxvd DY
Use of Proceeds
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