Commentary & Deal Flow

Split-rated: Pinewoood Finco plc (PINEFI) GBP500m 144A/Reg S sr sec notes due 2030 (6y). NC2 (MWC G+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the 1st 2 years at 103. Expcect NR/BB+(upgrade from BB)/BBB gtd by Pinwood Group Ltd. Real estate value: GBP3bn, LTV: 35%. Via Barc (B&D) sole physical books/NatWest/StanChart/DB jt glocos/GSt jt books. No reg rights. List ISE. NY Law.

IPT: mid 6s.

Virtual roadshow today-tomorrow (investor call at 12:30pm UKT today). UOP: along with GBP20m cash on hand, to partially tender for GBP500m of its GBP750m sr sec notes due 09/30/25 (tender price 98.75). Biz: a sub of Pinewood Group, a leading provider of infrastructure required for the production of film and TV content, including Pinewood and Shepperton studios. HQ: Iver Heath, UK.