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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
HYC
TECH
PRCD
AMSSW
ams AG-
2EMEA
Jun 30, 2020
currency
EUR
size (m)
650.000
maturity
Jul 31, 2025
type
Fixed
tenor
5.000
call
2.00
registration
144A/Reg S
benchmark
-
ranking
-
moody's
Ba3
s&p
BB-
fitch
BB-
size description
-
re-open/tap
No
ipt
Initial Low 6s. 5.75%-6.00%
ipt-pxd
-
guidance
5.75%-6.00%; revised talk 6.00% area coupon at 99.00
spread
694
coupon
6.000%
spread set
-
price
99.00000
yield
6.232%
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
left lead
active leads
joint leads
passive leads
-
co-managers
coordinating managers
-
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
left lead
active leads
joint leads
passive leads
-
co-managers
coordinating managers
-
currency
USD
size (m)
400.000
maturity
Jul 31, 2025
type
Fixed
tenor
5.000
call
2.00
registration
144A/Reg S
benchmark
-
ranking
-
moody's
Ba3
s&p
BB-
fitch
BB-
size description
-
re-open/tap
No
ipt
Initial low 7s. 6.75%-7.00%
ipt-pxd
-
guidance
6.75%-7.00%, Revised price talk 7% area coupon at 99.00
spread
697
coupon
7.000%
spread set
-
price
99.00000
yield
7.238%
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
left lead
active leads
joint leads
passive leads
-
co-managers
coordinating managers
-
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
left lead
active leads
joint leads
passive leads
-
co-managers
coordinating managers
-
Tranche Comments
Registration: 144A/Reg S; Comments: 06/30/2020 ams AG approx EUR1bn equivalent (EUR/USD) (down from EUR1.3bn, up from EUR1bn originally) 144A/Reg S sr notes. Ba3/BB-/BB- (negative/negative/stable). Via HSBC (B&D USD)/UBS (B&D EUR) joint physical books/glocos; MS/BofA/Citi/Commerz, CA/DB joint books, Erste as co-manager. No reg rights. List ISE. NY Law. SMR at 100. Settles 07/06 (T+3 US biz days). - EUR650m (from EUR850m) due 07/31/25 (5y). NC2 (MWC B+50bp), then at 104.50, 101.50, 100. Equity claw: 2y 40% at 106.00. Reg S ISIN: XS2195511006. Initial IPT low 6s. IPT 5.75%-6.00%. Price talk 5.75%-6.00%. Original final terms: EUR850m at 5.75%. (Original call sked: par + 50% of coupon, 25%, par). Revised px talk: 6.00% area coupon at 99.00 OID. Final pxg: EUR650m 6.00% coupon at 99.00 OID. Priced: 6.00% at 99.00, yield 6.232%. +694bp vs DBR 0.50% 02/15/25. - USD400m (from USD500m) due 07/31/25 (5y). NC2 (MWC T+50bp), then at 105.25, 101.750, 100. Equity claw: 2y 40% at 107.00. 144A ISIN: US03217CAA45. Initial IPT low 7s. IPT 6.75%-7.00%. Price talk 6.75%-7.00%. Original final terms: USD500m at 6.75%. (Original call sked: par + 50% of coupon, 25%, par). Revised px talk: 7.00% area coupon at 99.00 OID. Final pxg: USD400m 7.00% coupon at 99.00 OID. Priced: 7.00% at 99.00, yield 7.238%. +697bp vs 0.25% 06/30/25. Books closed 06/30: EUR at 1pm UKT, USD at 10am NYT. Did investor calls 06/22, Europe 12:45pm UKT and US 11:15pm NYT (virtual roadshow ran 06/22-25). (Books re-opened 06/26 morning with the expectation of closing 06/26: EUR tranche at 1pm UKT and USD tranche at 10am NYT, with pricing 06/26 afternoon; books were originally closing 06/25 at 2:15pm UKT (from 1:30pm UKT) for EUR tranche and 10am NYT for the US$ tranche with pricing 06/25). UOP: along with EUR1.65bn rights offering, to fund the acquisition of OSRAM Licht AG for EUR41.00 par share (approx EUR1.7bn), and refinance OSRAM debt EUR827m debt (EUR300m upsizel UOP: gcp including refinancing of near term debt facilities). Biz: global leader in sensor products, providing high-performance sensing technologies with a strategic focus on optical, image and audio sensing solutions for use across a variety of communications, consumer, automotive, industrial and medical end-markets. HQ: Permstaetten, Austria. (Acquisition announce 11/07/19). Pricing was originally scheduled for 06/25, but was then moved to 06/26 following a story published 06/25 in the German business newspaper Handelsblatt alleging that the Austrian Financial Market Authority was investigating share-trading related to ams. In a press release late 06/25 ams said it was not aware of any investigation. Books were then re-opened 06/26 and pricing was expect 06/26. But pricing was delayed again to this week, and ams AG said it would come back with some further clarification. Then late Friday ams said the Austrian FMA told them there is no investigation into ams AG, but authorities also indicated an investigation related to insider trading into persons who may be related or not related to ams.; Registration: 144A/Reg S; Comments: 06/30/2020 ams AG approx EUR1bn equivalent (EUR/USD) (down from EUR1.3bn, up from EUR1bn originally) 144A/Reg S sr notes. Ba3/BB-/BB- (negative/negative/stable). Via HSBC (B&D USD)/UBS (B&D EUR) joint physical books/glocos; MS/BofA/Citi/Commerz, CA/DB joint books, Erste as co-manager. No reg rights. List ISE. NY Law. SMR at 100. Settles 07/06 (T+3 US biz days). - EUR650m (from EUR850m) due 07/31/25 (5y). NC2 (MWC B+50bp), then at 104.50, 101.50, 100. Equity claw: 2y 40% at 106.00. Reg S ISIN: XS2195511006. Initial IPT low 6s. IPT 5.75%-6.00%. Price talk 5.75%-6.00%. Original final terms: EUR850m at 5.75%. (Original call sked: par + 50% of coupon, 25%, par). Revised px talk: 6.00% area coupon at 99.00 OID. Final pxg: EUR650m 6.00% coupon at 99.00 OID. Priced: 6.00% at 99.00, yield 6.232%. +694bp vs DBR 0.50% 02/15/25. - USD400m (from USD500m) due 07/31/25 (5y). NC2 (MWC T+50bp), then at 105.25, 101.750, 100. Equity claw: 2y 40% at 107.00. 144A ISIN: US03217CAA45. Initial IPT low 7s. IPT 6.75%-7.00%. Price talk 6.75%-7.00%. Original final terms: USD500m at 6.75%. (Original call sked: par + 50% of coupon, 25%, par). Revised px talk: 7.00% area coupon at 99.00 OID. Final pxg: USD400m 7.00% coupon at 99.00 OID. Priced: 7.00% at 99.00, yield 7.238%. +697bp vs 0.25% 06/30/25. Books closed 06/30: EUR at 1pm UKT, USD at 10am NYT. Did investor calls 06/22, Europe 12:45pm UKT and US 11:15pm NYT (virtual roadshow ran 06/22-25). (Books re-opened 06/26 morning with the expectation of closing 06/26: EUR tranche at 1pm UKT and USD tranche at 10am NYT, with pricing 06/26 afternoon; books were originally closing 06/25 at 2:15pm UKT (from 1:30pm UKT) for EUR tranche and 10am NYT for the US$ tranche with pricing 06/25). UOP: along with EUR1.65bn rights offering, to fund the acquisition of OSRAM Licht AG for EUR41.00 par share (approx EUR1.7bn), and refinance OSRAM debt EUR827m debt (EUR300m upsizel UOP: gcp including refinancing of near term debt facilities). Biz: global leader in sensor products, providing high-performance sensing technologies with a strategic focus on optical, image and audio sensing solutions for use across a variety of communications, consumer, automotive, industrial and medical end-markets. HQ: Permstaetten, Austria. (Acquisition announce 11/07/19). Pricing was originally scheduled for 06/25, but was then moved to 06/26 following a story published 06/25 in the German business newspaper Handelsblatt alleging that the Austrian Financial Market Authority was investigating share-trading related to ams. In a press release late 06/25 ams said it was not aware of any investigation. Books were then re-opened 06/26 and pricing was expect 06/26. But pricing was delayed again to this week, and ams AG said it would come back with some further clarification. Then late Friday ams said the Austrian FMA told them there is no investigation into ams AG, but authorities also indicated an investigation related to insider trading into persons who may be related or not related to ams.;

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