Commentary & Deal Flow

• Issuer: Iceland Bondco plc
• Ticker: ICELTD
• Size: GBP250m
• Format: 144A / Reg S
• No Reg Rights: 144A/Reg S for life
• Security: Senior Secured Notes (5y)
• Issue Ratings: B2 / B / B+
• Optional Redemption: NC2 (50%, 25%, Par) (MWC G+50bp), Equity claw: 2y 40%, Special call: 10% per year the 1st 2 years at 103
• CoC: investor put at 101
• Listing: The International Stock Exchange
• Law: New York
• Denominations: 100kx1k
• Sole Global Coordinator and Sole Physical Bookrunner: HSBC (B&D)
• Joint Bookrunner: NatWest
• UOP: along with GBP3m cash on hand, to redeem in full the existing £250m 4.375% sr sec notes due 05/15/28 (callable at 100)
• Biz: Iceland is a food business with a differentiated proposition anchored in UK retail and underpinned by frozen food expertise. HQ: Deeside, Wales, UK
• Ownership: Privately owned by the Malcom Walker family (51.3% and Tarsem Dhaliwal family (48.7%)
  Marketing:
• Roadshow: In-person roadshow will run Wednesday 23rd September and Thursday 24th September, pricing thereafter
• Investor Call: Wednesday 23rd September, 11:30 UK / 12:30 CET

https://evercall.co/oacc/78210
https://dealroadshow.finsight.com/e/ICELAND26GIC