by Stephen Carter
Oct 20, 2021 7:29 AM ET
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/B+/B (--/stable/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. IPT: 6.75%-7.00%.
Px talk: 6.75% area.
Telephonic roadshow Mon-Weds (Investor call at 11pm UKT Mon). Books close at 3pm UKT today. Pricing today UK afternoon. 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.