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United Group : We recommend subscription to the new SSNs at min. yields of 3.375% (6NC2) and 3.875% (8NC3) and to the new PIK notes at max. price of 106%
>€ 1.8bn of new bonds to fund the acquisition of Vivacom and refinance € 575m of 2022 secured notes - The group is seeking to raise € 1.05bn of 2026 secured bonds (including at least € 400m at fixed rate and € 400m at least at variable rate) and € 575m of 2028 secured bonds (ratings expected: B2/B) at United Group's level, as well as a € 170m non-fungible tap on its PIK 2025 bonds (rating expected: B-) at the level of the holding company Summer Bidco. Proceeds, alon...
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Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Pierre François Merveille
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