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by Stephen Carter
Nov 10, 2025 7:05 AM ET
Deuce Finco plc (David Lloyd Leisure) (DAVLLO) GBP1.295bn equivalent (GBP/EUR) 144A/Reg S sr sec notes 2-part. B2/NR/B+ (stable/--/stable). Via Barc (B&D) sole physical books/GS/HBC/Jefferies/Lloyds/MS/NatWest jt glocos and jt books. No reg rights. List ISE. NY law.
- GBP TBD sr sec fixed rate notes due 2031 (6y). NC2 (50%,25%,par). Denoms: 100kx1k. IPT: 7.50% area.
- EUR TBD sr sec FRN due 2032 (7y). NC1, then at par. Denoms: 100kx1k. IPT: E+350-375bp at par.
Roadshow (physical at TDR Capital office) 11/10-11 (investor call at 12pm UKT 11/10). UOP: redeem in full its existing approx GBP900m equivalent sr sec notes, repay in full the existing GBP385m Holdco PIK instrument. Equity sponsor: TDR Capital. Biz: leading pan-European lifestyle club operator. HQ: Hatfield, UK.
Netroadshow / GIC registration: https://www.netroadshow.com/events/login/LE9zwo3ifpGIaZncFwgltgGqhIFe0FKx3uK.