Commentary & Deal Flow

Deuce Finco plc (David Lloyd Leisure) GBP/EUR 144A/Reg S sr sec notes 2-part. B3/NR/B+ (stable/--/stable). Via Barc sole. NY law.

- GBP645m sr sec fixed rate notes due 2027 (6y). NC2. IPT: 5.75%-6.00%. Px talk: 5.50%-5.75%.

- EUR300m sr sec FRN due 2027 (6y). NC1. IPT: E+500bp (0% floor) at 99.50. Px talk: E+475-500bp (0% floor) at 99.50.

Did investor call at 3:30pm UKT 06/01, 1x1 meetings 06/01-03. Books close at 9am UKT tomorrow. Pricing tomorrow. UOP: repay debt, GCP, including capex, strategic acquisitions. Equity sponsor: TDR Capital. Biz: leading pan-European lifestyle club operator. HQ: Hatfield, UK.