09/08/2020 CPUK Finance Ltd (Center Parcs) (CPKLN) GBP250m Reg S only class B5 secured notes due Aug 26, 2026 (6y expected final maturity). (Aug 26, 2050 legal final maturity). NC2 (MWC G+50bp), then at 103.25, 101.625, 100. Equity claw: 2y 40% at 106.50. Special call: 10% per year the first 2 years at 103. NR/B-/B (--/negative/negative). Secured on a sub basis by first ranking security in respect of substantially all CPUK's property and assets, which also secures the Cass A Notes. In addition, the notes will share with the existing B3 and B4 notes the benefit of the Topco Security (which is not shared by the Class A notes). The transaction blends a corporate securitization of the U.K. operating business of the short break holiday village operator Center Parcs Holdings 1, the borrower, with a subordinated high-yield issuance. It originally closed in February 2012. The collateral is in form of secured loans made by the issuer to the borrower, Center Parcs Holdings 1 Ltd. (CPH1). The borrowers' primary source of funds for ongoing payments is cash flow from the operations of a portfolio of five short-stay holiday villages located in the U.K. Via Barc/HSBC joint books. English law. List TISE. Settles 09/17 (T+7). ISIN: XS2230739059. IPT high 6s. Px talk: 6.50%-6.75%. Priced: 6.50% at 100. +659bp vs UKT 1.50% 07/22/26. Did investor call 09/07. Investor calls continued 09/08. Books closed at 3:20pm UKT 09/08. UOP: partial tender/redemption of GBP230m of its GBP480m B3 notes due 08/28/22 at 101.063, GCP. Equity sponsor: Brookfield Asset Management. Biz: Leading short-break holiday provider in the UK (Center Parcs). HQ: New Ollerton, Newark, Nottinghamshire, UK.