Commentary & Deal Flow

Price talk: 6NC2: 9.00%a (+/- 12.5bps)

IPTs: 6NC2: Low to Mid 9%s

• Issuer: Jerrold Finco plc
• Ticker: JERRGB
• Company: Together Money
• Business: One of the UK's leading specialist mortgage and secured loan providers. HQ: Cheadle, Cheshire, UK
• Security Type: Second Lien Secured Notes
• Size: £300m
• Currency: GBP
• Tenor: 6 years
• Call: NC2 (50%, 25%, Par). MWC G+50bp, Equity claw: 2y 40%
• Corporate Rating: BB (Stable) / BB (Stable) (S&P/Fitch)
• Expected Instrument Rating: BB- / BB- (S&P/Fitch)
• Guidance: 9.00%a (+/- 12.5bps) (vs IPTs of Low - Mid 9%s)
• Use of Proceeds: Together with GBP18.3m cash on balance sheet and GBP80m drawn from certain Securitisation, to refinance in full the GBP380m Bracken Midco 6.75% sr PIK toggle notes due 11/01/27 (callable at 100, plus GBP14.3m accrued interest)
• Governing Law: New York
• Format: Reg S / 144A (without Registration Rights)
• Listing: The International Stock Exchange
• CoC: 101
• Denominations: £100k X £1k
• Global Coordinators and Joint Bookrunners: Goldman Sachs International (B&D), NatWest
• Joint Bookrunners: BNP Paribas, Citigroup, HSBC, Lloyds Bank Corporate Markets
• Timing: Books close 3pm UKT today (21-Apr), pricing 21-Apr
• GIC Timing: Tuesday, 21-Apr, 10:00 UKT
• Small Group Meetings: Hybrid roadshow will run Tuesday 21-Apr
• GIC Registration Details: https://evercall.co/oacc/52726
• Dealroadshow Direct link: https://dealroadshow.com/e/TOGETHER26
• Target Market / PRIIPS: Manufacturer target market (EU MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA or in the UK