04/15/2021 PCF GmbH (Pfleiderer) EUR750m 144A/Reg S sustainability-linked sr sec fixed/floating rate notes 2-part. B2/B/BB- (stable/stable/stable). Via GS (B&D)/CS jt glocos and jt physical books/BofA/DB/JPM jt sr books/Commerz jt books. No reg rights. List ISE. NY Law. Settles 04/22 (T+5). S-L intermediate KPI tarqets: 1. a reduction in EWP's GHG to 201.7kT or lower by the end of 2022, representing a 8.4% reduction from 2020 baseline; and 2. an increase in EWP's proportion of recycled wood used to 44% by the end of 2022, from 2020 baseline of 40.3%. S-L coupon step-up: 12.5bp per KPI target.
- EUR400m (down from EUR450m) fixed-rate notes due 04/15/26 (5y). NC2 (MWC B+50bp), then at 102.375, 101.1875, 100 (call prices will step up by 50%, then 25% of the coupon step-up). Equity claw: 2y 40% at 104.75. Special call: 10% per year the first 2 years at 103.00. Reg S ISIN: XS2333301674. IPT: 5.00% area. Px talk: 4.75%-5.00%. Final terms: EUR400m at 4.75%. Priced: 4.75% at 100. +539bp vs DBR 0.5% 02/15/26.
- EUR350m (up from EUR300m) FRN due 04/15/26 (5y). NC1 (MWC B+50bp), then at 101, 100. Floats/pays quarterly 3mE (0% floor). Reg S ISIN: XS2333302052. IPT: E+500-525bp at par. Px talk: E+475bp-500bp (0.0% floor) at par. Final terms: EUR350m at E+475bp (0.0% floor) at par. Priced: 3mE+475bp (0.0% floor) at 100.
Roadshow 04/12-14 (investor call at 11am UKT 04/12). Books closed at 2pm UKT 04/oday. UOP: along with EUR41m cash on hand, to repay EUR445m term loan, and fund EUR331m distribution to shareholders. Equity sponsor: Strategic Value Partners. Biz: a manufacturer of premium engineered wood products and laminates for high-end applications primarily in the Western European kitchen and furniture end markets. HQ: Neumarkt in der Oberpfalz.