Commentary & Deal Flow

+++Corrects typo in issuer name: Pinewood (not Pinewoood)+++

Split-rated: Pinewood Finco Plc (PINEFI) GBP300m 144A/Reg S sr sec notes due 11/15/27 (6y). NC2 (MWC G+50bp), then at 101.8125, 100.9063, 100. Equity claw: 2y 40% at 103.625. Special call: 10% per year the 1st 2 years at 103. NR/BB/BBB (--/negative/stable). Via DB (B&D)/Barc/CS jt glocos and physical books/GS/Natwest jt books. No reg rights. List ISE. NY Law. Settles 12/02 (T+10). Reg S ISIN: XS2411236859. Px talk: 3.75% area (+/-12.5bp).

Priced: 3.625% at 100. +292bp vs 4.15% 12/07/27.

Virtual roadshow Tues-Weds (investor call at 11am UKT Tues) (originally ending Thurs). Books closed at at 4pm UKT today. UOP: to fund expansion projects, including the Shepperton Expansion project and five new stages at Pinewood West. Biz: a sub of Pinewood Group, a leading provider of infrastructure for the production of film and TV content. HQ: Iver Heath, UK.