by Stephen Carter
May 21, 2025 6:50 AM ET
+++Corrects price talk: 8.00%-8.25% (not 8.25%-8.50%)+++
Punch Finance plc (Punch Pubs) (PUBLN) GBP640m 144A/Reg S sr sec notes due 2030 (5.5y). NC2 (MWC G+50bp) (50%,25%,par). Equity claw: 2y 40%. B3/NR/ B+ (positive/--/positive). Via Barc (B&D)/Natwest jt glocos and jt active books. No reg rights. List ISE. NY law. CoC at 101. IPT: 8.50% area.
Price talk: 8.00%-8.25%.
Roadshow (virtual) 05/20-21 (investor call at 11am UKT 05/20). Books close at 1pm UKT 05/21. Pricing 05/21 UK afternoon. UOP: fund the tender offer for its GBP600m 6.125% sr sec notes due 06/30/26 (purchase price GBP1,000. Barc/NatWest dealer managers. Notes not tendered will be redeemed at par on 06/30/25), and pay down in full the GBP33m drawn on its super sr revolver, which will be upsized by GBP15m to GBP85m. Equity sponsors: Fortress Investment. Biz: one of the leading UK pub companies. HQ: Burton upon Trent, UK.
Netroadshow: https://www.netroadshow.com/events/login?show=a8cf0977&confId=83147