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by Stephen Carter
Oct 30, 2025 2:43 PM ET
PCC Global plc (Paragon) (PCCGLO) EUR450m Reg S sr sec notes due 11/15/30 (5y). NC2 (11/15/27) (MWC B+50bp), then at 104.125 11/15/27, 102.0625 11/15/28, 100 11/15/29. Equity claw: 2y 40% at 108.25. 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. Pays semi May 15 and Nov 15, starting 05/15/26 (30/360). Denoms: 100kx1k. Settles 11/13 (T+10). Reg S ISIN: XS3200021502. IPT: low-to-mid 8s. Price talk: 8.25%-8.375%.
Priced: 8.25% at 100. +599bp vs DBR 2.40% 11/15/30.
Roadshow (1-on-1s) 10/28-30 (investor call 10am UKT 10/28). Books closed at 3:30 UKT 10/30. 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.