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PureGym set tranches, price talk for £805 million equivalent five-year notes; pricing Wednesday
By Paul A. Harris
Portland, Ore., Sept. 27 – PureGym set tranche sizes and price talk in its approximately £805 million equivalent two-part offering of Pinnacle Bidco plc five-year senior secured notes (B3//B-) on Wednesday, according to an informed source.
The deal includes £475 million of notes talked to yield 10% to 10¼%, tight to initial guidance in the low-10% area, and €380 million of notes talked to yield 8¼% to 8½%, tight to initial guidance in the mid-8% area.
The deal is set to price on Wednesday.
The notes become callable after two years at par plus 50% of the respective coupons.
Physical bookrunner and joint global coordinator Barclays will bill and deliver. RBC is also a physical bookrunner and a joint global coordinator. Deutsche Bank is a joint global coordinator. ING and JPMorgan are joint bookrunners.
PureGym is a Leeds, U.K.-based health club chain.
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