Related Issuers
by Stephen Carter
Jul 28, 2021 11:43 AM ET
The Very Group Funding plc GBP575m 144A/Reg S sr sec notes due 08/01/26 (5y). NC2 (G+50bp), then at 103.25, 101.626, 100. Equity claw: first 12mos 100% at 102, next 12mos 40% at 106.50. Special call: 10% per year the first 2 years at 103. B3/NR/B- (stable/positive). Via JPM (B&D) physical books/Barc/HSBC jt glocos/BNP/MS/SEB jt books. No reg rights. List ISE. NY law. Settles 08/09 (T+8). Reg S ISIN: SX2370618618. IPT: mid 6s. Px talk: 6.25%-6.50%. Final px: 6.50%.
Priced: 6.50% at 100. +621bp vs UKT 1.50% 07/22/26.
Did investor call at 11am UKT Mon. Virtual 1x1s through today. Books closed at 2:30pm UKT today. UOP: redeem its GBP550m 7.75% sr sec notes due 11/15/22 (callable at 101.938). Equity owner: the Barclay Family Trust. Biz: UK's largest integrated pure-play digital retailer and financial services provider. HQ: Speke, Liverpool, UK