by Stephen Carter
Sep 27, 2023 1:24 PM ET
Pinnacle Bidco plc (PureGym) (PURGYM) approx GBP805m equivalent (GBP/EUR) 144A/Reg S sr sec first lien notes two-part due 2028 (5y). NC2. B3/NR/B- (stable/--/stable). Via Barc (B&D)/RBC jt physical books/DB jt glocos/ING/JPM jt books. No reg rights. List ISE. NY law. Pays April 20 and Oct 20, starting 04/30/24. Settles 10/11 (T+10).
- GBP475m (from GBP300m minimum) 144A/Reg S sr sec notes due 10/11/28 (5y). NC2 (MWC G+50bp), then at 105.00, 102.50, 100. Equity claw: 2y 40% at 110.00. Special call: 10% per year the first 2 years at 103. Reg S ISIN: XS2696093033. IPT: low 10s. Px talk: 10.00%-10.25%. Priced: 10.00% at 100. +581bp vs UKT 1.625% 10/22/28.
- EUR380m (from EUR300m minimum) 144A/Reg S sr sec notes due 10/11/28 (5y). NC2 (MWC B+50bp), then at 104.125, 102.0625, 100). Equity claw: 2y 40% at 108.25. Special call: 10% per year the first 2 years at 103. Reg S ISIN: XS2696090286. IPT: mid 8s. Px talk: 8.25%-8.50%. Priced: 8.25% at 100. +552bp vs DBR 0.00% 11/15/28.
Roadshow Mon-Tues (investor call at 11am UKT Mon). Books closed at 3pm 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.