Commentary & Deal Flow

+++Adds UKT spread+++

CD&R Firefly Bidco Plc (Motor Fuel Group (MFG)) (MOTFUE) GBP400m 144A/Reg S sr sec notes due 04/30/29 (5y). NC2 (MWC G+50bp), then at 104.3125, 102.1563, 100. Equity claw: 2y 40% at 108.625. Special call: 10% per year the first 2 years at 103. 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. Settles 04/19 (T+10). Reg S ISIN: XS2798887076. Px talk: 8.75% area (+/-12.5bp).

Priced: 8.625% at 100. +472bp vs UKT 0.50% 01/31/29.

Roadshow 04/03-04 (investor call 9am UKT 04/03). Books closed at 11:30am UKT today. UOP: along with GBP1.2bn equivalent (GBP790m/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 (GBP550m)). 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).