Commentary & Deal Flow

Bracken Midco1 plc (Together Financial Services Ltd) (BRACKN) GBP380m 144A/Reg S sr PIK toggle notes due 11/01/27 (6y). NC2 (MWC G+50bp), then at 103.375, 101.6875, 100. Equity claw: 2y 40% at 106.75. 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. settles 11/01 (T+8). Reg S ISIN: XS2400445362. IPT: 6.75%-7.00%. Px talk: 6.75% area.

Priced: 6.75% (7.50% if PIK) at 100. +591bp vs UKT 4.25% 12/07/27.

Telephonic roadshow Mon-Weds (Investor call at 11pm UKT Mon). Books closed at 3pm 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.