04/22/2021 Grunenthal GmbH (GRUPHA) EUR650m (up from EUR500m) 144A/Reg S green sr sec notes 2-part. B1/B+/BB+ (stable/positive/stable). Via DB (B&D)/GS/BNPP jt glocos and physical books/BBVA/Commerz/ING/RBC/UniCredit joint books. (ESG advisors DB/GS). No reg rights. List ISE. NY law. Settles 05/05 (T+9 US biz days).
- EUR400m (down from EUR500m) due 11/15/26 (5.5y). NC2 (05/15/23) (MWC B+50bp), then at 101.813, 100.906, 100. Equity claw: 2y 40% at 103.625. Reg S ISIN: XS2337064856. Px talk: 3.75%-4.00%. Final price 3.625% at par. Priced 3.625% at 100. +423bp vs DBR 0% 08/15/26.
- EUR250m due 05/15/28 (7y). NC3 (05/15/24) (MWC B+50bp), then at 102.063, 101.031, 100. Equity claw: 3y 40% at 104.125. Reg S ISIN: XS2337703537. Px talk: 4.25%-4.50%. Final price: 4.125% at 100. Priced: 4.125% at 100. +463bp vs DBR 0.50% 02/15/28.
Originally one tranche EUR500m 5.5yNC2. Virtual meetings 04/19-21 (investor call at 10am UKT 04/19). Books closed at 12pm UKT today. Reconfirms were due by 1:45pm UKT today. UOP: repay debt (EUR210m revolver, EUR92.5m term loan A acquisition facilities, EUR150m Schuldschein promissory note), fund the EUR36.5m partial financing of Mestex AG upfront acquisition payment (EUR150m upsize to repay A/B bank loans). Biz: a leading pharmaceutical company focused on pain therapies. HQ: Aachen, Germany.