Annington Homes to start roadshow Tuesday for £500 million PIK notes

By Paul A. Harris

Portland, Ore., Nov. 19 - Annington Finance No. 5 plc, a financing unit of London-based Annington Homes, plans to start a roadshow on Tuesday for a £500 million offering of senior PIK notes due in January 2023 (expected Caa1/CCC+), according to an informed source.

Barclays is the bookrunner.

The Rule 144A and Regulation S for life notes come with five years of call protection and feature a three-year 35% equity clawback and a 101% poison put.

Proceeds will be used to fund the acquisition of Annington by Terra Firma Capital Partners Ltd. from Nomura Holdings Inc.

Annington is one of the largest private owners of residential property in the United Kingdom.

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