Commentary & Deal Flow

+++Updates with added details+++

PeopleCert Wisdom Issuer Plc EUR300m 144A/Reg S sr sec notes due 2026 (5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. Expect B2/B/B+. Via MS (B&D) sole gloco and books, NBG as co-manager. No reg rights. List ISE. NY law. Investor call at 11am UKT Mon, small group meetings to follow. UOP: replace the GBP250m bridge loan to be entered into to fund the acquisition of Axelos for GBP388m and repay GBP2m of PeopleCert debt. FTV-PC LLC equity contribution GBP140m (20.74% stake in PeopleCert Holdings UK Ltd). Anastasios Byron Nicolaides is the group's founder, CEO and ultimate sole shareholder. The acquisition is expected to close on 07/29/21. Biz: a leading player in Education Technology within the certification of persons market. A leader in the IT and Project Management certifications markets, and a fast growing presence in the language certification market. HQ: London, UK. (Acquisition announced 07/29/21).