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by Stephen Carter
Oct 29, 2025 10:48 AM ET
PCC Global plc (Paragon) (PCCGLO) EUR450m Reg S sr sec notes due 2030 (5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. NR/B+/B+ (--/stable/stable). Via BNP (B&D) sole gloco/NatWest jt physical books/Commerz/HSBC jt books. List ISE. NY law. CoC at 101. Denoms: 100kx1k. Settles T+10.
IPT: low-to-mid 8s.
Roadshow (1-on-1s) 10/28-30 (investor call 10am UKT 10/28). UOP: refinance existing debt (EUR74m private placement notes due April 2026, EUR180m private placement notes due July 2028, EUR130m drawn on its revolver, EUR35m term loan), and EUR16m cash on the B/S. Privately-owned by Patrick James Crean. Biz: a data and technology driven provider of resilient business and brand services doing business under the Paragon brand. HQ: London, UK.
DealRoadshow link: https://dealroadshow.com/e/VIRTUE25SLIDESONLY. Access code:: VIRTUE25SLIDESONLY.