Commentary & Deal Flow

Bracken Midco1 plc (Together Financial Services Ltd) (BRACKN) GBP380m 144A/Reg S sr PIK toggle notes due 2027 (6y). NC2 (MWC G+50bp) (50%,25%,par). Equity claw: 2y 40%. NR/(expect B+)/B (--/--/stable). Via Citi (B&D)/HSBC joint glocos and physical books/Barc/CS/GS/JPM joint books. No reg rights. List ISE. NY law. Cash interest on pay-if-you-can basis. Coupon steps up 75bp if PIK. The first and last interest payments are mandatory in cash. Telephonic roadshow today-Weds (Investor call at 11pm UKT today). UOP: redeem its GBP368.156m 8.875% sr PIK toggle notes due 10/15/23 (callable at 102.00), and GCP. Biz: an indirect holdco of Together Financial Services Limited (JERRGB), a specialist mortgage and secured loan provider in the UK. HQ: Cheadle, Cheshire, UK.