Commentary & Deal Flow

+++Corrects headline: Motor Fuel (not Motor Flow)+++

Priced: 8.625% tap at 102.50

Yield: 7.6254% YTM

Final Price: 102.50

Price talk: 102.375-102.50

• Issuer: CD&R Firefly Bidco Plc (Motor Fuel Group (MFG)) (MOTFUE)
• Size: £350m
• Issue Ratings: B2/B (stable/stable)
• Security: sr sec notes tap
• Format: Private Placement Reg S no reg rights
• Coupon: 8.625%
• Price: 102.50
• Final Price: 102.50
• Price talk: 102.375-102.50
• Call Protection: Callable immediately at 104.3125, then at 102.1563 30-Apr-27, 100 30-Apr-28.
• Listing: ISE
• Law: NY
• Denominations: 100kx1k
• Interest Payment dates: 30-May and 30-Nov, starting 30-Nov-26
• Settlement: 01-Jul-26
• ISINs: Permanent Reg S XS2798887076; Temporary Reg S XS3414956790
• Fungibility: immediately 144A fungible (Reg S after 40 days) with the original £400m priced 05-Apr-24 and £310m tap priced 12-Dec-24
• Sole placement agent: Goldman Sachs
• Use of Proceeds: Along with EUR2bn (up from EUR1.62bn existing) and GBP1.34bn (down from GBP1.58b existing) term loan, to amend and extend the existing EUR/GBP term loan B due April 2029, to partially repay preferred shares.
• Originally Announced: 10-Jun-26 as EUR1.62bn and GBP1.58bn sr sec term loan Bs only with GBP550m to be raised across incremental term loan Bs and and tap of its 8.625% sr sec notes due 2029
• Business: the leading mobility retailer (filling and charging stations and convenience stores) in the UK. HQ: St Albans, UK 
• Equity sponsor: CD&R
• Marketing: Lender call 10-Jun-26