Punch Finance plc (Punch Pubs) (PUBLN) GBP640m 144A/Reg S sr sec notes due 12/30/30 (5.5y). NC2 (06/15/27) (MWC G+50bp), then at 103.9375, 101.96875, 100. Equity claw: 2y 40% at 107.875. B3/NR/ B+ (positive/--/positive). Via Barc (B&D)/Natwest jt glocos and jt active books. No reg rights. List ISE. NY law. CoC at 101. Semi pay June 30 and Dec 30, starting 12/30/25. Settles 06/05 (T+10). Reg S ISIN: XS3081705603. IPT: 8.50% area. Price talk 8.00%-8.25%. Final terms: GBP640m at 7.875%.
Priced: 7.875% at 100. +369bp vs UKT 4.75% 12/07/30.
Roadshow (virtual) 05/20-21 (investor call at 11am UKT 05/20). Books closed at 2:30pm UKT (from 1pm UKT) 05/21. UOP: fund the tender offer for its GBP600m 6.125% sr sec notes due 06/30/26 (purchase price GBP1,000. Barc/NatWest dealer managers. Notes not tendered will be redeemed at par on 06/30/25), and pay down in full the GBP33m drawn on its super sr revolver, which will be upsized by GBP15m to GBP85m. Equity sponsors: Fortress Investment. Biz: one of the leading UK pub companies. HQ: Burton upon Trent, UK.
Netroadshow: https://www.netroadshow.com/events/login?show=a8cf0977&confId=83147