Commentary & Deal Flow

• Price Progression:
• • Priced: 6.375% at par. +175bp vs UKT 4.25% due June 2032
  • Price talk: 6.5% area (+/-12.5bp)
  • IPT: 6.75% area
• Issuer: Pinewood Finco plc
• Ticker: PINEFI
• Size: GBP300m
• Format: 144A/Reg S, No Reg Rights
• Security: 6.375% Senior Secured Notes due 2032
• Expected Issue Ratings: NR/BB+/BBB (–/stable/stable)
• Maturity: 31-July-2032 (6y)
• Optional Redemption: NC2 (05-August-2028) (MWC G+50bp)
• • 05-August-2028: 103.1875
  • 05-August-2029: 101.59375
  • 05-August-2030: 100.000
• Equity claw: 2y 40% at 106.375
• Special call: 10% per year the first 2 years at 103
• Change of Control: CoC at 101
• Payment dates: Semi-annually in arrears on 31-January and 31-July of each year, commencing 31-January-2027
• Denominations: 100kx1k
• Listing: The International Stock Exchange
• Law: New York
• Joint Global Coordinators, Joint Physical & Active Bookrunners: Barclays (B&D), BofA
• Joint Global Coordinators & Joint Physical Bookrunners: Standard Chartered, NatWest
• Joint Bookrunner: Goldman Sachs
• Settles: 05-August-2026 (T+10) via Euroclear / Clearstream
• Trade Date: 22-July-2026
• Reg S ISIN: XS3444188968
• Reg S Common Code: 344418896
• 144A ISIN: XS3444189008
• 144A Common Code: 344418900
• UOP: Along with £1m to fund the tender of the existing £300m 3.625% Senior Secured Notes due 15-Nov-2027 (99.00 tender price) and pay transaction-related fees and expenses.
• Equity sponsor: Aermont Capital
• Biz: Leading global provider of infrastructure required for film & TV production, hosting over 25% of global blockbuster films from 2010 to 2025.
• HQ: Iver Heath, UK

Marketing:

• Investor Call: 11:00am UKT, 22-July-2026
• Roadshow: Virtual small group meetings available on 22-July-2026 (also did investor calls 13-Jul-26 and 14-Jul-26)
• Books closed: 4:00pm UKT, 22-July-2026
• ToE: 22-July-2026 at 17:45
• FTT: 23-July-2026 at 8:00am

https://www.netroadshow.com/events/login/1PeTHmoj9vs5yZyAA8Z3DSOAAPjujrwwlcawO