Commentary & Deal Flow

CD&R Firefly Bidco Plc (Motor Fuel Group (MFG)) (MOTFUE) GBP400m 144A/Reg S sr sec notes due 2029 (5y). NC2 (50%,25%,par). B2/B (stable/stable). Via DB (B&D)/BNP/RBC/SMBC Nikko jt physical books/Barc/BofA/Citi/GS/HSBC/ING/Lloyds/NatWest/Rabo/Santander/SocGen jt books. No reg rights. List ISE. NY law. Roadshow Weds-Thurs (investor call 9am UKT Weds). UOP: along with GBP1.2bn equivalent (GBP770m/EUR500m) term loan B 2-part priced 03/01/24, to fund the cash portion of the acquisition of Morrisons' forecourt portfolio for GBP2.5bn (Morrisons will receive GBP1.95bn in cash and a 20% equity stake in FMG). MFG's equity sponsor CD&R will also contribute GBP650m in pfd equity. Biz: the leading mobility retailer (filling and charging stations and convenience stores) in the UK. HQ: St Albans, UK (Acquisition announced 01/30/24).