Commentary & Deal Flow

Jerrold Finco Plc (Together Financial Services Ltd) GBP120m (up from GBP100m) 144A/Reg S add-on to its 4.875% sr sec 1st lien notes due 01/15/26 (4.25y). NC2mos (01/15/22) MWC G+50bp), then at 102.4375, 101.21875, 100. Existing NR/BB-/BB-. Via Citi (B&D)/HSBC joint physical books/Barc/CS/GS/JPM jt books. No reg rights. List Intl Stock Exchange or Euronext Dublin. NY law. Settles 11/11 (T+3). Reg S ISIN: XS2112899021. Immediately fungible with the GBP435m issue priced 01/30/20. IPT: 100-100.25. Px talk: 100.25-100.50. Final terms: GBP120m at 100.50.

Priced: 4.875% add-on at 100.50, 4.740% yield, +462.5bp vs UKT 0.125% 01/30/26).

Did investor call a 11am UKT today. Books closed at 3pm UKT today. Reconfirms were due by 4pm UKT today. UOP: GCP, including the repayment of revolver (GBP120m upsize for GCP). Biz: specialist mortgage and secured loan provider in the UK. HQ: Cheadle, Cheshire, UK.