Related Issuers
by Pankti Antani
Jul 10, 2025 9:14 AM ET
Market Bidco Finco Plc (Morrisons) (MRWLN) approximately GBP930m (up from GBP800m) equivalent (EUR/GBP) 144A/Reg S sr sec notes 2-part. B1/ B+/BB- (stable/stable/positive). Via BNP (GBP B&D)/GS (EUR B&D) jt physical books/BofA jt glocos/Mizuho/Rabo/NatWest/Lloyds/HSBC/SocGen/Santander/RBC/ING/DB/MUFG/SMBC jt books. No reg rights. List ISE. NY law. Settles T+5.
- GBP500m due 01/31/31 (5.5y). NC2 (MWC G+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. CoC at 101. Denoms: 100x1. IPT: Low 9s. Price talk: 9% area (+/- 12.5bps). Final price talk: 8.75-8.875% (WPIR).
- EUR500m due 01/31/31 (5.5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. CoC at 101. Denoms: 100x1. IPT: Low 7s. Price talk: 7.00% area (+/- 12.5bps). Final price talk: 6.75-6.875% (WPIR).
Roadshow (1-on-1s) 07/07-07/09 (investor call at 1pm 07/07). Books close at 2:30pm (from 1pm) UKT/3:30pm (from 2pm) CEST 07/10. Pricing 07/10. UOP: along with GBP205m cash on hand and GBP250m term loan B add-on, to partially refinance/tender for its existing GBP/EUR sr sec notes (EUR596m 4.75% sr sec notes due 11/04/27 (tender price 101.1875, callable at 102.375) and GBP824m 5.50% sr sec notes due 11/04/27 (tender price 101.375, callable at 102.75)), and repurchase GBP450m of its GBP1.2bn 6.75% private sr notes due 10/01/28. Equity sponsor: CD&R. Biz: one of the full line UK supermarkets and operates as a vertically integrated food retailer, manufacturer, distributor and wholesaler across the United Kingdom with a focus on food and grocery. HQ: Bradford, UK.
Deal Roadshow direct link: https://dealroadshow.com/e/MORRISONS25 (Access code: MORRISONS25).