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Commentary & Deal Flow

Related Parents

Pearson PLC

Related Issuers

Pearson Funding PLC

by Jp Albin

Apr 23, 2026 9:30 AM ET

PRICED: Pearson Funding £350m 10yr Sr Unsec; G+138

IGC European Market: Deal Flow - General

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Spread	IPT-PXD
Pearson Funding	10yr	6.375%	28-Apr-36	£350m	Sr Unsec	Fixed	99.602	6.430%	G+138	-17

Reoffer: 10yr: G+138bp / 99.602 / 6.430%
Benchmark: 10yr: UKT 4.250% 07-Mar-36 @ 94.578

Final Books above £1.5bn. Peak book north of £1.55bn

Launched: 10yr: £350m @ G+138bp - Books north of £1.55bn
IPTs: 10yr: G+155a

Issuer: Pearson Funding plc (Ticker: PSON; Country: GB)
Issuer LEI: 2138001ZJKQ5U81RMY52
Guarantor: Pearson plc
Guarantor LEI: 2138004JBXWWJKIURC57
Issuer Rating: Baa2 / BBB (both stable, Moody's/Fitch)
Exp Issue Rating: Baa2 / BBB (Moody's/Fitch)
Format: Senior, Unsecured, Reg S, Bearer, TEFRA D
Settlement: 28-Apr-26 (T+3)
Size: £350m
Maturity: 28-Apr-36 (10 year)
Benchmark Gilt: UKT 4.250% 07-Mar-36 @ 94.578 (mid), 94.548 (bid)
Reoffer: 99.602 / G+138 bps / 6.330% (S/A) yield, 6.430% (A) yield
Coupon: 6.375%, Fixed, Annual, Act/Act (ICMA)
Denominations: £100,000 and integral multiples of £1,000
Issuer Calls: 3m Par Call, MWC @ G+25
Investor Put: Change of Control Put applicable as described in condition 9(g) of the Listing Particulars
Documentation: Under the Issuer’s £3,000,000,000 Euro Medium Term Note Programme Listing Particulars dated 17-Apr-26 (the “Listing Particulars”)
Listing: International Securities Market of the London Stock Exchange
Clearing / Settlement: Euroclear / Clearstream
Governing Law: English Law
Selling Restrictions: As set out in the Listing Particulars
Use of Proceeds: General Corporate Purposes
Joint Bookrunners: Barc (B&D), BofA, HSBC
ISIN / Common Code: XS3357258758 / 335725875
Target Market / PRIIPs/CCI: UK MiFIR product governance - eligible counterparties and professional clients only (all distribution channels). No sales to retail in EEA or the United Kingdom. No EEA PRIIPs KID or UK PRIIPs KID/CCI product summary
Stabilisation: Relevant stabilisation regulations including FCA / ICMA will apply
Advertisement: The Listing Particulars is available and the Final Terms, when published, will be available on https://plc.pearson.com/en-GB/investors/debt-investors
Sales into Canada: Yes, via exemption
Timing: PRICED / ToE: 14.22 UKT / FTT: 14.45 UKT