Future plc (FUTRLN) GBP300m Reg S only sr notes due 07/10/30 (5y). NC2 (07/10/27) then at 103.3750, 101.6875, 100. Ba2/BB+ (stable/stable). Via HSBC (B&D)/NatWest jt gloco/Barc/Citi jt active books/ABN/JPM/MUFG jt passive books. List LSE. English law. CoC at 100. Pays July 10 and January 10, starting 01/10/26. Denoms: 100x1. Reg S ISIN: XS3106096335. Settles 07/10 (T+5). IPT: 7.25% area. Price talk: 6.75%-7.00%.
Priced: 6.75% at 100. + 285bp vs UKT 0.375% 10/22/30.
Roadshow (in-person and virtual meetings) 06/30-07/02 (investor call at 11:30am UKT 06/30). Books closed at 1:30pm UKT 07/03. UOP: repay GBP256m EDG term loan and pay down the GBP35m drawn on its revolver, and GCP. Biz: UK listed global media platform, creating premium & specialist content across digital, social, print, events and price comparison websites. HQ: Bath, UK.
Deal Roadshow link:https://dealroadshow.com/e/FUTURE25.