Commentary & Deal Flow

Reoffer: 6NC2: 8.50% / 100
Benchmark: UKT 4.25% 07-Jun-32 / G+409bp

Final price talk: 8.50%-8.625% WPIR
Price talk: 6NC2: 9.00%a (+/- 12.5bp)
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
• Currency: £
• Size: £300m
• Maturity: 15-Jul-32
• Coupon: 8.50%
• Offering Price: 100
• Yield to Maturity: 8.50%
• Benchmark: UKT 4.25% 07-Jun-32
• Spread to Benchmark: 409bp
• Interest Payment Date: Semi-annually on January 15 and July 15 of each year, commencing 15-Jul-26
• Call Schedule:
• • Commencing 15-Jul-28: 104.25%
  • Commencing 15-Jul-29: 102.125%
  • Commencing 15-Jul-30 and thereafter: 100%
• Call: NC2 (50%, 25%, Par). MWC G+50bp, Equity claw: 2y 40% at 108.5
• Corporate Rating: BB (Stable)/BB (Stable) (S&P/Fitch)
• Instrument Rating: BB-/BB- (S&P/Fitch)
• Use of Proceeds: Together with £18.3m cash on balance sheet and £80m drawn from certain Securitisation, to refinance in full the £380m Bracken Midco 6.75% sr PIK toggle notes due 01-Nov-27 (callable at 100, plus £14.3m accrued interest)
• Governing Law: New York
• Distribution: Reg S / 144A (without Registration Rights)
• Listing: The International Stock Exchange (Unregulated)
• 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
• ISINs:
• • RegS: XS3309691999
  • 144A: XS3310369601
• Trade Date: 21-Apr-26
• Settlement Date: 05-May-26 (T+9)
• ToE: 18:30 UKT, 21-Apr-26
• FTT: 8:00 UKT, 22-Apr-26
• 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