Pinewood’s £550m issue gobbled up, analysts warn of murky terms

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By Karoliina Liimatainen
12 Sep 2019

Pinewood Studios' effort to re-cast itself as a real estate company seemed pure box office to investors, who placed enough orders for a new bond to allow the borrower to up the deal size and still price at the tight end of guidance.

The UK film studios managed to sell an extra £50m of senior secured notes to price a £550m deal on the back of new long-term leases with entertainment giants Disney and Netflix.

The leases gave the investors enough ...

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