Commentary & Deal Flow

Maison FinCo plc (Keepmoat) (KEEPMT) GBP275m 144A/Reg sr secured notes due 10/31/27 (6y). NC2 (MWC G+50bp), then at 103.00, 101.50, 100. Equity claw: 2y 40% at 106.00. Special call: 10% per year the 1st 2 years at 103. NR/B+/BB+ (--/stable/stable). Via CS (B&D)/Barc as jt glocos/GS jt books. No reg rights. List ISE. New York law. SMR at 100 if the acquisition has not been completed by 12/31/21. Settles 10/20 (T+10). Reg S ISIN: XS2393064889. Price talk: 5.75%-6.00%.

Priced: 6.00% at 100. +529bp.

Did investor call 12:00pm UKT Mon. Small group meetings Mon-Weds. Books closed at 1pm UKT today. UOP: fund the acquisition of Keepmoat by Aermont Capital from TDR for GBP751m (GBP517m equity purchase and GBP234m repayment of debt). Aermon will contribute GBP476m. Equity sponsor: Aermont Capital. Biz: leading 5-Star Housebuilder, working in partership with landowners, local authorities and registered providers of affordable housing to deliver high-quality, affordably priced homes in England and Scotland. HQ: Doncaster, UK. (Acquisition announced 08/04/21).