Commentary & Deal Flow

+++Updates with Netroadshow link+++

CPUK Finance Limited (Center Parcs) (CPKLN) GBP285m Reg S class B8 fixed-rate 2nd lien secured notes due 08/28/32 (6.75y). NC2.75 08/28/28) (MWC G+50bp) (50%,25%,par). Equity claw: 2.75y 40%. Special call: 10% per year the first 2.75 years at 103. NR/(expect B)/B (--/--/stable). Via Barc (B&D) sole physical books/HSBC jt glocos and jt books. List ISE. English law. CoC at 101. Semi-pay Feb 28 and Aug 28, starting 02/28/26. Denoms: 100kx1k.

IPT: 7.00%-7.25%.

Roadshow (small group meetings) 10/13 (investor call at 11am UKT 10/13). UOP: redeem its GBP250m 6.50% class B5 2nd lien notes due 08/28/26 (callable at 100), and fund a GBP29m shareholder distribution. Equity sponsor: Brookfield Asset Management. Biz: Leading short-break holiday provider in the UK (Center Parcs). HQ: New Ollerton, Newark, Nottinghamshire, UK.

NetRoadshow link: https://www.netroadshow.com/events/login/LE9zwo4BRD1ZZ51pRl8JLcVb1rGVIbrHUpz.