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GC Asia
Taking the Mickey? Pinewood launches divi recap after Disney deal
Pinewood Studios has launched a new £500m six year non-call two bond offering to fund a dividend, after signing a deal with Disney to lease the studio’s space for the next decade, securing the firm’s income. Seen as a corporate issuer, Pinewood’s leverage looks sky-high, but the bond documentation attempts to rebrand it as a real estate company.
Credit Suisse is left lead on the issue, joined by Goldman Sachs, Barclays, HSBC and NatWest Markets, and will be marketing the bond on a roadshow running to Thursday. The proceeds will be used to repay Pinewood’s existing £250m 2023s and pay a
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