Commentary & Deal Flow

Deuce Finco plc (David Lloyd Leisure) (DAVLLO) GBP/EUR 144A/Reg S sr sec notes 2-part. B3/NR/B+ (stable/--/stable). Via Barc sole. No reg rights. List ISE. NY law. Settles 06/18.

- GBP645m sr sec fixed rate notes due 06/15/27 (6y). NC2, then at 102.75, 101.375, 100. Reg S ISIN: XS2351480640. IPT: 5.75%-6.00%. Px talk: 5.50%-5.75%. Final px: 5.50%. Priced: 5.50% at 100. +499bp vs UKT 1.25% 07/22/27.

- EUR300m sr sec FRN due 06/15/27 (6y). NC1, then at 101.00, 100. Quarterly pay stars 09/15/21. Reg S ISIN: XS2351480640. IPT: E+500bp (0% floor) at 99.50. Px talk: E+475-500bp (0% floor) at 99.50. Final px: E+475bp (0% floor) at par.  Priced: 3mE+475bp (0% floor) at 100.

Did investor call at 3:30pm UKT 06/01, 1x1 meetings 06/01-03. Books closed at 9am UKT today. Reconfirms were due by 10:30am UKT today. UOP: repay debt, GCP, including capex, strategic acquisitions. Equity sponsor: TDR Capital. Biz: leading pan-European lifestyle club operator. HQ: Hatfield, UK.