Commentary & Deal Flow

Split-rated: Pinewoood Finco plc (PINEFI) GBP750m (up from GBP500m) 144A/Reg S sr sec notes due 03/27/30 (6y). NC2 (MWC G+50bp), then at 103.00, 101.50, 100. Equity claw: 2y 40% at 106. Special call: 10% per year the 1st 2 years at 103. NR/BB+/BBB (--/negative/stable). Gtd by Pinewood Group Ltd. Real estate value: GBP3bn, LTV: 35%. Via Barc (B&D) sole physical books/NatWest/StanChart/DB jt glocos/GS jt books. No reg rights. List ISE. NY Law. Settles 03/28. Reg S ISIN: XS2783792307. IPT: mid 6s. Px talk: 6.25% area. GBP250m upsize to fund all of its GBP750m. Final terms: GBP750m at 6.00%.

Priced: 6.00% at 100. +209bp vs UKT 0.375% Oct 2030.

Virtual roadshow Tues-Weds (investor call at 12:30pm UKT Tues). Books closed at 1:30pm UKT (from 12pm UKT) today. UOP: along with GBP30m cash on hand, to tender for all of its GBP750m (up from GBP500m) 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.