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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
HYC
ENGY
PRCD
MOTFUE
CD&R Firefly Bidco PLC£400
1EMEA
Apr 5, 2024
currency
GBP
size (m)
400.000
maturity
Apr 30, 2029
type
Fixed
tenor
5.000
call
2.00
registration
144A/Reg S
benchmark
-
ranking
Sr. Secured
moody's
B2
s&p
B
fitch
-
size description
-
re-open/tap
No
ipt
-
ipt-pxd
-
guidance
8.75% area (+/-12.5bp)
spread
472
coupon
8.625%
spread set
-
price
100.00000
yield
8.625%
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
left lead
active leads
joint leads
BAM, BRC, CTI, GSC, ...
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
left lead
active leads
joint leads
BAM, BRC, CTI, GSC, ...
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Redemption: 2026-04-30; Registration: 144A/Reg S; Comments: B&D: DEU;
Deal Comments
04/05/2024 CD&R Firefly Bidco Plc (Motor Fuel Group (MFG)) (MOTFUE) GBP400m 144A/Reg S sr sec notes due 04/30/29 (5y). NC2 (MWC G+50bp), then at 104.3125, 102.1563, 100. Equity claw: 2y 40% at 108.625. Special call: 10% per year the first 2 years at 103. B2/B (stable/stable). Via DB (B&D)/BNP/RBC/SMBC Nikko jt physical books/Barc/BofA/Citi/GS/HSBC/ING/Lloyds/NatWest/Rabo/Santander/SocGen jt books. No reg rights. List ISE. NY law. Settles 04/19 (T+10). Reg S ISIN: XS2798887076. Px talk: 8.75% area (+/-12.5bp). Priced: 8.625% at 100. +472bp vs UKT 0.50% 01/31/29. Roadshow 04/03-04 (investor call 9am UKT 04/03). Books closed at 11:30am UKT 04/05. UOP: along with GBP1.2bn equivalent (GBP790m/EUR500m) term loan B 2-part priced 03/01/24, to fund the cash portion of the acquisition of Morrisons' forecourt portfolio for GBP2.5bn (Morrisons will receive GBP1.95bn in cash and a 20% equity stake in FMG (GBP550m)). MFG's equity sponsor CD&R will also contribute GBP650m in pfd equity. Biz: the leading mobility retailer (filling and charging stations and convenience stores) in the UK. HQ: St Albans, UK (Acquisition announced 01/30/24).

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