Commentary & Deal Flow

• Issuer: Pinnacle Bidco Plc (PureGym)
• Ticker: PURGYM
• Deal Size: GBP1.4bn equivalent
• Format: 144A/Reg S
• No Reg Rights: 144A/Reg S for life
• Corporate Ratings: B2 / NR / B (stable/--/stable)

• Security: 6.5% Senior Secured Notes due 2032
• Price Progression:
  • Priced: 6.5% at 100. +304bp vs 2.5% DBR due 15-November-2032
  • Final terms: 6.5%
  • Price talk: 6.5% area
  • IPT: 6.5% area
• Spread to Benchmark: 304bp
• Benchmark: 2.5% DBR due 15-November-2032
• Tranche Size: EUR1,050m (GBP900m equivalent)
• Issue Ratings: B2 / NR / B (stable/--/stable)
• Maturity: 12-October-2032 (6y)
• Optional Redemption: NC2 (12-October-2028) (MWC B+50bp)
  • 12-October-2028: 103.25
  • 12-October-2029: 101.625
  • 12-October-2030: 100
• Equity claw: 2y 40% at 106.5
• Special call: 10% per year the first 2 years at 103
• Change of Control: CoC at 101
• Payment dates: Semi annual, 30-January / 30-July, starting 30-January-2027
• Denominations: 100kx1k
• Reg S Common Code: 352449580
• Reg S ISIN: XS3524495804
• 144A Common Code: 352451045
• 144A ISIN: XS3524510453

• Security: 8% Senior Secured Notes due 2032
• Price Progression:
  • Priced: 8% at 100. +299bp vs 4.25% UKT due 07-June-2032
  • Final terms: 8%
  • Price talk: 8% area
  • IPT: 8% area
• Spread to Benchmark: 299bp
• Benchmark: 4.25% UKT due 07-June-2032
• Tranche Size: GBP500m
• Issue Ratings: B2 / NR / B (stable/--/stable)
• Maturity: 12-October-2032 (6y)
• Optional Redemption: NC2 (12-October-2028) (MWC G+50bp)
  • 12-October-2028: 104
  • 12-October-2029: 102
  • 12-October-2030: 100
• Equity claw: 2y 40% at 108
• Special call: 10% per year the first 2 years at 103
• Change of Control: CoC at 101
• Payment dates: Semi annual, 30-April / 30-October, starting 30-April-2027
• Denominations: 100kx1k
• Reg S Common Code: 352451088
• Reg S ISIN: XS3524510883
• 144A Common Code: 352451118
• 144A ISIN: XS3524511188

• 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
• Settles: 12-October-2026 (T+9)
• Trade Date: 29-September-2026
• 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 closed: 3pm UKT 29th September
• Reconfirmations were due: 5pm UKT 29th September
• Pricing: Allocations thereafter
• FTT: 30-September-2026 at 8:00am
• ToE: 29-September-2026 at 17:51

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