Commentary & Deal Flow

Jerrold Finco Plc (Together Financial Services) (JERRGB) GBP450m 144A/Reg S sr sec notes due 2030 (6y). NC2 (MWCB+50bp) (50%,25%,par). Equity claw: 2y 40%. NR/BB/BB (--/stable/stable). Via Citi/HSBC (B&D) jt glocos and jt books/GS/Lloyds/NatWest jt books. No reg rights. List ISE. NY law. IPT: 8.00%-8.25%.

Px talk: 8.00% area (+/- 0.125%).

Roadshow (in-person) 03/25 (City)-03/26 (West End) (investor call at 12:30pm UKT 03/25). Books close at 3:30pm UKT today. Pricing today UK afternoon. UOP: alongside sale of GBP152m assets into certain securitization facilities, to redeem its GBP555m 4.875% sr sec notes due 01/15/26 (callable at 100), and GCP. Biz: specialist mortgage and secured loan provider in the UK. HQ: Cheadle, Cheshire, UK.