Commentary & Deal Flow

Stonegate Pub Company Financing 2019 PLC (STONPB) GBP165m Reg S add-on to its 8.25% sr sec fixed rate notes due 07/31/25 (4y). NC1 (07/31/22) (MWC G+50bp), then at 104.125, 102.0625, 100. Equity claw: 1y 40% at 108.25. B3/NR/B. Via Barc sole phys books (B&D)/GS/Nomura/DB/Lloyds/Rabo joint books. No reg rights. NY law. List ISE. Settles 07/31 (T+5). Reg S ISIN: XS2210014788. Fungible with the GBP950m issue priced 07/24/20 and GBP20m add-on priced 11/19/20. Pricing today. UOP: capex in its pubs, GCP. Equity sponsor: TDR capital. Biz: largest pub company in the UK. HQ: Luton, UK.