Commentary & Deal Flow

Kane Bidco (True Potential) (TRUEPT) approx GBP700m (up from GBP675m) equivalent (GBP/EUR) sr sec notes 2-part. B1/B (stable/positive). Via CS (B&D) physical books/UBS/GS/Barc/Lloyds/NatWest jt books. List ISE. NY law. GBP25m increase to decrease revolver draw.

    - GBP400m due 2027 (5y). NC2 (MWC G+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the 1st 2 years at 103. Px talk: 6.50% area. Final terms: GBP400m at 6.50%.

    - EUR360m (approx GBP300m) due 2027 (5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the 1st 2 years at 103. Px talk: 5.00% area. Final terms: EUR360m at 5.00%.

Did small group meetings Mon-Weds 01/25-26 (investor call at 3pm UKT Mon). Books close at 3:30pm (originally closing at 1:30pm) UKT today. Pricing today UK afternoon. UOP: Along with GBP25m (down from GBP50m) draw on its GBP100m revolver, to fund the acquisition of True Potential by Cinven for GBP1.809bn equity value, or GBP2.4bn enterprise value, including the refi of GBP615m debt . Cinven will contribute GBP1.233bn in equity, and the rollover of GBP563m of sellers' equity. Biz: leading provider of advisory services, wealth management and investment strategies to its clients through its in-house purpose-built proprietary technology platform. HQ: Newcastle, UK. (Acquisition announced 09/09/2021).