04/26/2023 Cheplapharm Arzneimittal GmbH (CHEPDE) EUR750m 144A/Reg S sr sec notes two-part. B2/B+/BB- (stable/stable/stable). Via Barc/DB (B&D fixed)/JPM (B&D FRN) jt glocos/Citi/Commerz/GS/ING/UniCredit jt books. No reg rights. List ISE. NY law. SMR at 100 if the acquisition is not completed by 01/31/24. Settles 05/10 (T+10).
- EUR425m (from EUR250m minimum) sr sec fixed rate notes due 05/15/30 (7y). NC3 (MWC B+50bp), then at 103.75, 101.875, 100. Equity claw: 3y 40% at 107.50. Special call: 10% per year the first 3 years at 103. Reg S ISIN: XS261886715p. IPT: mid 7s. Px talk: 7.50% area. Final terms: EUR425m at 7.50%. Priced: 7.50% at 100. +523bp vs DBR 0% 08/15/30.
- EUR325m (from EUR250m minimum) sr sec FRN due 05/15/30 (7y). NC1 (MWC B+50bp), then at 101, 100. Floats/pays quarterly starting 08/15/23. Reg S ISIN: XS2618840974. IPT: 3mE+475bp area (0% floor) at 98. Px talk: 3mE+475bp (0% floor) at 98.50 area (+/- 0.5pt). Final terms: EUR325m 3mE+475bp (0% floor) at 99.00. Priced: 3mE+475bp (0% floor) at 99.00.
Roadshow 04/24-26 (investor call at 3pm UKT 04/24, following the earnings call at 2pm UKT 04/24). Books closed at 2pm UKT 04/26. Reconfirms were due by 2:45pm UKT 04/26. UOP: along with EUR200m cash on hand, a EUR34m revolver drawdown and a EUR280m vendor loan, to finance the acquisition of Zyprexa (an antipsychotic product portfolio) from Eli Lilly for EUR1.239bn. The proceeds will be placed in escrow pending completion of the acquisition. Biz: specialty pharmaceuticals. (Acquisition announced 04/23/23). HQ: Greifswald, Germany.