Pinewood starts brief roadshow for £500 million six-year secured notes; initial talk mid-6% area

By Paul A. Harris

Portland, Ore., March 12 – Pinewood Studios plans to sell £500 million of Pinewood Finco plc senior secured notes due 2030 (expected ratings BB+/BBB), according to a market source.

The deal is in the market with initial guidance in the mid-6% area.

The offering was set to kick off on an investor call, which was scheduled to take place early Tuesday afternoon, London time. A virtual roadshow runs Tuesday through Wednesday.

The Rule 144A and Regulation S notes are subject to an initial call after two years at par plus 50% of the coupon.

Sole physical bookrunner Barclays will bill and deliver. NatWest, Standard Chartered and Deutsche Bank are global coordinators and joint bookrunners. Goldman Sachs is a joint bookrunner.

The U.K.-based independent provider of film and television production infrastructure plans to use the proceeds to fund a partial tender for its £750 million of senior secured notes due September 2025.

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