03/20/2024 Progroup AG (PROGRP) EUR750m 144A/Reg S sr sec 1st lien notes two-part. Ba3/BB (stable/negative). Via DB (B&D) gloco/GS lead books/Commerz/Erste/LBBW jt books. No reg rights. List ISE. German law. Settles 04/04 (T+9 UK, T+10 US).
- EUR300m (from EUR300m minimum) due 04/15/29 (5y). NC2 (MWC B+50bp), then at 102.563, 101.281, 100. Equity claw: 2y 35% at 105.125. Reg S ISIN: DE000A383CQ2. . Px talk: 5.25%-5.50%. Final px talk: 5.125%-5.25% WPIR. Priced: 5.125% at 100. +269bp vs OBL 2.10% 04/12/29.
- EUR450m (up from EUR300m minimum) due 04/15/31 (7y). NC3 (MWC B+50bp), then at 102.688, 101.344, 100. Equity claw: 3y 35% at 105.375. Reg S ISIN: DE000A383CE8. Px talk: 5.50%-5.75%. Final px talk 5.375%-5.50% WPIR. Priced: 5.375% at 100. +303bp vs DBR 0.00% 02/15/31.
Roadshow 03/18-19 (investor call at 11am UKT03/18). Books closed at 11:30am UKT 03/20. Reconfirms were due by 1pm UKT 03/20. UOP: redeem its EUR600m 3.00% sr sec notes due 03/31/26 (callable at 100), $172m to pre-fund ongoing growth projects and GCP. Biz: family-owned, leading European manufacturer of containerboard and corrugated sheetboard. HQ: Landau, Germany.