by Stephen Carter
Nov 10, 2020 8:53 AM ET
Pinnacle Bidco PLC (PureGym) (PURGYM) EUR445m 144A/Reg S sr sec notes due 02/15/25 (4.25y). NC1.25 (Jan 2022) (50%/25%/par). B3/NR/B- (negative/--/negative). (Security, guarantor, covenants as per its existing 6.375% sr sec notes due 02/15/25). Via Barc (B&D)/Jefferies joint glocos and physical books/RBC/CS/Danske/ING joint books. NY law. IPT: 5.50% coupon at high 80s OID. Revised IPT: 5.50% coupon at 90-92 OID.
Px talk: 5.50% coupon at 92-94 OID.
Books approx EUR1.3bn. Did Investor call at 2pm UKT yesterday. 1-on-1s continued today. Books close at 5pm UKT today. Pricing today. UOP: refinance the EUR445m sr sec bridge loan, incurred to fund the acquisition of Fitness World for approx GBP350m enterprise value (GBP233m equity value) (the acquisition closed Jan 14, 2020). Equity sponsor: Leonard Green. Biz: PureGym is the UK’s leading gym operator (Fitness World is the largest fitness operator in Denmark and also has operations in Switzerland and Poland). HQ: Leeds, UK. (Acquisition announced 12/12/19). On 09/18/20 PureGym announced it had increased its revolver to GBP145m from GBP80m and Leonard Green had invested another GBP100m in equity to improve PureGym's liquidity.