Commentary & Deal Flow

• Issuer: Pinnacle Bidco Plc (PureGym)
• Ticker: PURGYM
• Deal Size: GBP1,400m-equiv
• Format: 144A/Reg S
• No Reg Rights: 144A/Reg S for life
• Security: EUR Senior Secured Notes
• Price Progression:
  • Price talk: 6.5% area
  • IPT: 6.5% area
• Tranche Size: EUR TBD
• Issue Ratings: B2 / NR / B (stable/stable)
• Maturity: (6y)
• Optional Redemption: NC2 (MWC B+50bp) (50%,25%,par)
• Equity claw: 2y 40%
• Special call: 10% per year the first 2 years at 103
• Change of Control: CoC at 101
• Denominations: 100kx1k
• Security: GBP Senior Secured Notes
• Price Progression:
  • Price talk: 8% area
  • IPT: 8% area
• Tranche Size: GBP TBD
• Expected Issue Ratings: B2 / B
• Maturity: (6y)
• Optional Redemption: NC2 (MWC G+50bp) (50%,25%,par)
• Equity claw: 2y 40%
• Special call: 10% per year the first 2 years at 103
• Change of Control: CoC at 101
• Denominations: 100kx1k
• Listing: The International Stock Exchange
• Law: New York
• Sole Global Coordinator and Joint Bookrunner: Barclays (B&D)
• Joint Bookrunners: RBC Capital Markets, ING, BNP Paribas, Goldman Sachs International, J.P. Morgan
• UOP: Proceeds will be used to refinance in full its existing EUR505m 8.25% sr sec notes due 11-Oct-2028 (callable 11-Oct-2026 at 102.063) and GBP520m 10% s sec notes due 11-Oct-2028 (callable 11-Oct-2026 at 102.50), GBP200m partial repayment of the Pinnacle Toppco Limited GBP300m cvt pfd held by KKR, and GBP200m for GCP, including for organic growth liquidity, M&A and further KKR pfd paydown
• Equity sponsor: Leonard Green (77%)
• Biz: Market leader in the UK value gym segment & the second largest gym & fitness operator in Europe
• HQ: Leeds, UK
  Marketing:
• Roadshow: Monday 28th and Tuesday 29th September
• Investor Call: Monday 28th September at 11am UKT
• Books close: 3pm UKT 29th September

https://www.netroadshow.com/events/login/1PeTHmohWBrz2fwW8WkOA3mqKIwfEPVHVn7y5