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by Stephen Carter
Nov 12, 2025 8:47 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/HSBC/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 (MWC G+50bp) (50%,25%,par). Equity claw: 3y 40%. Special call: 10% per year the first 3 years at 103. CoC at 101, portable subject to a net leverage test. Denoms: 100kx1k. IPT: 7.50% area. Price talk: 7.25% area.
- EUR TBD sr sec FRN due 2032 (7y). NC1 (MWC B+50bp), then at par. CoC at 101, portable subject to a net leverage test. Floats/pays quarterly. Denoms: 100kx1k. IPT: E+350-375bp at par. Price talk: E+350bp at par.
Roadshow (physical at TDR Capital office) 11/10-11 (investor call at 12pm UKT 11/10). Books close at 2:30pm UKT 11/12. Pricing 11/12 UK afternoon. UOP: along with EUR8m cash on hand, to redeem in full its existing approx GBP900m equivalent sr sec notes (GBP645m 5.50% due 06/15/27 (callable at 100) and EUR300m FRN due 05/15/27 (callable at 100)), and repay in full the existing GBP386m 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.