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Commentary & Deal Flow

PX TALK: PeopleCert E300m 5NC2 sr sec notes 5.75-6.00%, pxg today

HYC European Market: Deal Flow - General

PeopleCert Wisdom Issuer Plc (PEOCER) EUR300m 144A/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. (Expect B2)/B+/BB- (--/negative/negative). Via MS (B&D) sole physical books/DB jt glocos/BofA/Citi/Eurobank/GS/Santander jt books, Alpha Bank, Ambrosia Capital, CrediaBank, NBG, Optima Banks as co-managers. No reg rights. List Dublin. NY law. Semi pay (30/360). CoC at 101. Denoms: 100kx1k. IPT: 6.00%-6.25%.

Price talk: 5.75%-6.00%.

Roadshow (small group meetings) 12/01-02 (investor call at 12:30pm UKT 12/01). Books close at 12:30pm UKT 12/03. Pricing 12/03 UK afternoon. UOP: redeem its EUR300m 5.75% sr sec notes due 09/15/26 (callable at 100). Anastasios Byron Nicolaides is the group's founder, CEO and ultimate sole shareholder. Biz: A global leader in professional, language and vocational qualifications in more than 200 countries. HQ: London, UK.

Netroadshow direct link: https://www.netroadshow.com/events/login/LE9zwo3kvLUr2EONkx3qg024wrlKKB9j19y. Entry code: Delta2025.