04/20/2023 Monitchem Holdco 3 SA (CABB Group GmbH)
(CABBCO) EUR670m 144A/Reg S sr sec fixed/floating notes 2-part. B3/B (stable/stable). Via BofA/DB/GS (B&D) jt physical books, Commerz as co-manager. No reg rights. List Lux. NY law. Settles 04/28 (T+6).
- EUR420m fixed rate notes due 05/01/28 (5y). NC2 (05/01/25) (MWC B+50bp), then at 104.275, 102.188, 100. Equity claw: 2y 40% at 108.75. Special call: 10% per year the first 2 years at 103. Pays June 15 and Dec 15, starting 12/15/23. Reg S ISIN: XS2515006470. IPT: 9% area. Px talk: 8.75%-9.00%. Priced: 8.75% at 100. +625bp vs Bund 0.5% 02/15/28.
- EUR250m FRN due 05/01/28 (5y). NC1 (05/01/2024) (MWC B+50bp), then at 101, 100. Floats/pays quarterly March 15, June 15, Sept 15, Dec 15, starting 09/15/23. Reg S ISIN: XS2615006983. IPT: E+525bp at 96-97. Px talk: 3mE+525bp at 97-97.50. Priced: 3mE+525bp (0% floor) at 97.50.
Roadshow 04/17-19 (investor call at 10:30am UKT 04/17). Books closed at 11am UKT today. UOP: along with EUR6m cash on hand, to redeem its existing EUR315m 5.25% sr sec 1st lien notes due 03/15/25 (callable at 101.313); EUR175m sr sec 1st lien FRN 03/15/25 (callable at 100); and holdco EUR150m 9.50% sr sub notes due 09/15/26 (callable at 104.75). Equity sponsor: Permira. Biz: leading crop science contract development and manufacturing (CDMO) and fine chemistry manufacturer, supplying customized active ingredients and high-complexity and high-purity chemical ingredients to customers in the life science and performance material markets. HQ: Sulzbach am Taunus, Germany.