04/18/2023 Grunenthal GmbH (GRUPHA) EUR300m 144A/Reg S sr sec 1st lien notes due 05/15/30 (7y). NC3 (MWC B+50bp), then at 103.375, 101.688, 100. Equity claw: 3y 40% at 106.75. B1/BB-/BB+ (positive/stable/stable). Via DB (B&D)/GS/ING/RBC/UniCredit jt glocos/Commerz/BNP jt bks. No reg rights. List ISE. NY law. Settles 04/25 (T+5). Reg S ISIN: XS2615562274. Px talk: 6.75%-7.00%. Priced: 6.75% at 100. +432bp vs DBR 0% 02/15/30. Roadshow 04/17-18 (investor call at 11am UKT 04/18). Books closed at 2:30pm UKT 04/18. UOP: refinance the EUR200m Neon bridge loan facility incurred to fund the EUR494m acquisition of Nebido from Bayer AG on 11/22/22, repay EU75m Schuldschein private placement promissory notes, GCP. Wholly-owned by the Wirtz family. Biz: Leading innovator in pain treatments. HQ: Aachen, Germany.