05/12/2021 Chrome Bidco/Holdco (Cerba HealthCare)
(CERBA) EUR745m 144A/Reg S 2-part. Via DB (physical)/GS/Natixis/UBS jt lead books/BNP/CA/HSBC/JPM/Mizuho/Nomura/UniCredit jt books. No reg rights. List Lux. NY law. Settles 05/24 (T+8).
- Chrome Bidco SAS EUR420m sr sec notes due 05/31/28 (7y). NC3 (MWC B+50bp), then at 101.750, 100.875, 100. Equity claw: 3y 40% at 103.50. Special call: 10% per year the first 3 years at 103. B1/B (stable/stable). Reg S ISIN: XS2343001132. Px talk: 3.50%-3.75%. Priced: 3.50% at 100. +386bp vs DBR 0.25% 08/5/28.
- Chrome Holdco SAS EUR325m sr unsec notes due 05/31/29 (8y). NC3 (MWC B+50bp), then at 102.50, 101.25, 100. Equity claw: 3y 40% at 105.00. Caa1/CCC+ (stable/stable). Reg S ISIN: XS2343001991. Px talk: 5.00%-5.25%. Priced: 5.00% at 100. +527bp vs DBR 0% 08/15/29.
Virtual meetings 05/10-12 (investor call at 10am UKT 05/10). Books closed at 1pm UKT 05/12. UOP: along with EUR1.525bn term loan B, to fund the acquisition of a majority stake in Cerba by EQT from Partners Group for EUR2.82bn and repay EUREUR240m existing notes and EUR1.342bn existing sr credit facilities. Canada's PSP Investments will retain its minority ownership stake. EQT will make an equity contribution of EUR1.229bn. Biz: an international network of medical biological laboratories providing medical diagnostic services. HQ: Issy-les-Moulineaux, France. (Acquisition announced 03/30/21).