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by Stephen Carter
Dec 03, 2025 11:58 AM ET
PeopleCert Wisdom Issuer Plc (PEOCER) EUR300m 144A/Reg S sr sec notes due 06/15/31 (5.5y). NC2 (12/15/27) (MWC B+50bp), then at 102.75 12/15/27, 101.375 12/15/28, 100 12/15/29. Equity claw: 2y 40% at 105.50. Special call: 10% per year the first 2 years at 103. B2/B+/BB- (negative/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 or Vienna. NY law. Semi pay (30/360). CoC at 101. Pays June 15 and Dec 15, starting 06/15/26 (30/360). Denoms: 100kx1k. Settles 12/17 (T+10). Reg S ISIN: XS3231911150. IPT: 6.00%-6.25%. Price talk: 5.75%-6.00%. Final price talk: 5.50%-5.75%.
Priced: 5.50% at 100. +312bp vs DBR 0% 08/15/31.
Roadshow (small group meetings) 12/01-02 (investor call at 12:30pm UKT 12/01). Books closed at 1:30pm UKT (from 12:30pm UKT) 12/03. 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.