Commentary & Deal Flow

Hurricane Finance Plc (Paymentsense) GBP290m 144A/Reg S sr sec notes due 2025 (5y). NC2 (MWC G+50bp) (par + 50% of coupon, 25%, par). Equity claw: 2y 40%. 90% clean-up call. --/--/B+ (--/--/stable). Via JPM sole books. List ISE. NY law. 100x1. IPT 8.75% area.

Px talk 8.25% area (+/-0.125%).

(Originally EUR320m with IPT of 8% area). Roadshow 07/29-31 (investor call 07/29 at 8:30am UKT). Books close at 9:30am UKT tomorrow. Pricing tomorrow (07/31). UOP: along with GBP90m new 3rd party capital (sub PIK loan), to repay its GBP140m unitranche facility, repay GBP124m PIK loan, finance a GBP24m receivables purchase arrangement, repay GBP40m shareholder loan, GBP11m early redemption costs, GBP30m cash on the B/S, fees & expenses. Biz: Market leader provider of high quality payment enablement to UK and Irish SMEs, including terminals, value-added services and omnichannel acceptance. HQ: London, UK.