Redemption: 2023-08-28; Registration: Reg S Only; Comments: GBP255m 6NC2 fxd, snr sec, RegS. B-/B. Barc(left-lead)/HSBC. IPTs 5% area, talk 4.75% area, final 4.5% yld/cpn, G+398 vs 1.25%7/27;
Deal Comments
04/27/2021 CPUK Finance Limited (Center Parcs)
(CPKLN) GBP255m Reg S class B6 fixed-rate secured notes due Aug 28, 2027 (6.25y). NC2.25 (08/28/23), then at 102.250, 101.125, 100. NR/B-/B (--/--/negative). Via Barc (B&D)/HSBC jt glocos and books. List ISE. Engish law. Semi pay starts 08/28/21. Settles 05/07. ISIN: XS2338562716. IPT: 5.00% area. Price talk: 4.75% area. Final yield/coupon: 4.50% the number. Priced: 4.50% at 100. +398bp vs UKT 1.25% 07/22/27. Did investor call at 1:30pm UKT 04/26, 1x1 calls 04/26-27. Books closed at/reconfirms were due by 10am UKT 04/28. UOP: redeem its remaining GBP250m 4.125% class B3 notes due 08/28/22 (callable at 101.063). Equity sponsor: Brookfield Asset Management. Biz: Leading short-break holiday provider in the UK (Center Parcs). HQ: New Ollerton, Newark, Nottinghamshire, UK.