Commentary & Deal Flow

+++Corrects headline - GBP IPT is low 10s (not mid 10s)+++

Pinnacle Bidco plc (PureGym) (PURGYM) GBP805m equivalent (minimum tranche size of GBP/EUR 300m) 144A/Reg S sr sec notes two-part due 2028 (5y). NC2. (Expect B3)/NR/B- (--/--/stable). Via Barc (B&D)/RBC jt physical books/DB jt glocos/ING/JPM jt books. No reg rights. List ISE. NY law.

    - GBP TBA (GBP300m minimum) 144A/Reg S sr sec notes two-part due 2028 (5y). NC2 (MWC G+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. IPT: low 10s.

    - EUR TBA (EUR300m minimum) 144A/Reg S sr sec notes two-part due 2028 (5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. IPT: mid 8s.

Roadshow today and tomorrow (investor call at 11am UKT today). UOP: along with GBP83.3m cash on hand, to redeem its existing notes (EUR490m 5.50% sr sec notes due 02/215/2025 (callable at 101.375) and GBP430m 6.375% sr sec notes due 02/15/25 (callable at 100). Equity sponsor: Leonard Green. Biz: leading gym operator in the UK and Europe. HQ: Leeds, UK.