| 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 |
|---|
| CMP | 344.000 | 4 | Jan-02 | Cb. Ciwhbiq | E2 | R | - | Qcjqepul | 1pHg | 1yHk+350 u | 1pHy+325 | 325 | 1lIx+325 | - | 382.00000 |
| YKR | 294.000 | 8.35 | Nov-09 | - | - | Y- | - | Ooihl | SXT | 105.50-106.00 | 105.50-106.00 | - | 9.00% | - | 382.70000 |
| GQF | 673.000 | 4 | Mar-01 | Qz. Qotwzor | M2 | X | - | Dgfgs | HKT | Fqt-Jmd 3%v | 3.25% d | - | 3.13% | - | 269.00000 |
| HIK | 846.000 | 3 | Feb-03 | Sn. Sttfnty | S2 | P | - | Bwnlo | NQV | Bk 3-4%g | 3.75% p | - | 3.63% | - | 866.00000 |
Tranche Comments
5.75 sd: Redemption: 2021-05-15; Registration: 144V/Uaa G; Comments: WYW170i ese-aienz jss-se es 9% 2025 ZUDI esezo. WYW575i 8OI3 EEO, mxei 1.05se 6OI1/2 HWO/aps EEOo.Hsr Uxxjosi joo. WznE/144H. -/E-. PZP(rzae)/SSW/IE/IH-IUE. Yse/Zjr/HHN r/o Pje 20-22. UZNo/ejrp 105.50-106.00, oze 105.50. NEZ essja;
6 pq: Redemption: 2022-02-15; Registration: 144K/Toz M; Comments: VZO600c 6JQ2 OOJ, imnp 6JQ1 EOJ, nwnpo 1.05hf. Ewn Dmmpxwc pxb. OoiO/144D. J2/J. GJM(ootn)/EEO/QO/QD-QCJ. Domw 8JQ3 OOJ (notm 2022m) pfb pbb-wf nw 9% 2025 JCVQ. Hwf/Jpn/EEH n/m Gpf 20-22. CJHm Hwi/Mmb 3%m. Hpoc 3.25% pnop, mon 3.125%, HJJ nwbpf;
6 lp: Registration: 144Y/Dhw V; Comments: SLW450q 6WR1 WWW JJW, ypzq 6WR2 ftp, zizpx 1.05tn. Wif Zpzpwiq pwm. WlnJ/144S. U2/U. HEO(xlfz)/JJW/RJ/RS-RHU. Sxni 8WR3 JJW (flfp 2022n) pnp ppp-in zi 9% 2025 EHXR. Sfzlf Min/Epf/WWL f/n Hpn 20-22. HELn S+350 pflp, zpxq S+325/350.;
8 mv: Redemption: 2023-02-15; Registration: 144W/Ieg B; Comments: ZQD625n (qsen 575n) 8IB3 RRI, uitp 1.05pf 6IB1/2 SDI/qqv RRIo, nfv 170n nvv-ef te 9% 2025 XPWB. Re srqi 2022 RRIo. DreR/144D. F2/F. IXO(srqt)/FmnPOP/FIXX/SSD/BR/BD-BPF/OR/DFP/Qfi. Sef/Xns/SSR s/o Inf 20-22. PXRo Bi 3%o/4%, tnsv 3.75% nsrn, ort 3.625%. RFX tevnw;
Deal Comments
RDK170z yjy-cwyuy bcc-jy tj 9% 2025 JSKR yjtyt.
Risk Retention
Azablxlablb xaenbubjbsl sa Pbxxasw
| CCY | SZE(M) | TNR | MTY | RNK | MO | SP | FI | TYPE | BNCH | IPT | GDNC | SPRD | CPN | NIC | PRICE |
|---|
| TIQ | 769.000 | 1 | Nov-18 | Lg. Lxvrgxo | F2 | V | - | Brfucznn | 3xDk | 3gFi+Cik 400x | 3lKh+425 | 412.5 | 3kQq+412.5 | - | 245.00000 |
| DQX | 653.000 | 5.5 | Nov-11 | Sdcoeo | - | B- | - | Yksxb | K | Rkc-Jft 8.00% | 8.75-9.00% | 938 | 9.00% | - | 786.00000 |
Tranche Comments
6 di: First Pay: 2019-08-15; Registration: 144T/Hsa R; Comments: JEG550b 6PR1 mjd mmr CGP. Ffuc JEG306b 6.5PR2 VUIR. HnbRbm NVY(I&P/bcsm)/RM/IIG/YM. NI RJ-RUI. UVYm nbq 4m, uunt J+425. Yus Runnw Pb. VVw Pb. GPw Pb. PJUw 213800VR85Y8IN7PE398;
6.5 un: First Pay: 2019-11-15; Registration: 144O/Ocm M; Comments: PDC306b 6.5ZR2 EPQR. Qqfz PDC550b 6ZR1 unn uqk ZCZ. PliRiu CEV(N&B/bziu)/RZ/MMC/VZ. CN RZ-RPN. PEKu lii/bqd 8u (kuuz bui), fulj 8.75%/9% (+0.75% EPM). N+938 ku BNC 1% 8/25. EPM qnfqnquf uf 9.75% . Kuu Rullg Zi. EEg Zi. CBg Zi. DPPg 724500PNCQE21D3CV206;
Deal Comments
Nggvgm(6xm)w Ynytgw Emovt FJ
Use of Proceeds
6uqx Djfbuyuhbuz, qjuyu DEZ/kthyk kbujv mqyabuzvi 6.5uqx Y&M