04/10/2024 Techem Verwaltunsgesellschaft 675 mbH
(TCHEN) EUR500m 144A/Reg S sr sec notes due 07/15/29 (5.25y). NC2 (04/3026) (MWC T+50bp), then at 102.6875, 101.34375, 100. Equity claw: 2y 40% at 105.375. IPO claw: 2y up to 100% at 102. Special call: 10% per year the first 2 years at 103. B1/B+/B+ (stable/stable/stable). Via GS sole gloco and lead books/BNP/Commerz/CA/DB/JPM/LBBW/Natixis/SMBC/UBS/UniCredit jt books. No reg rights. List ISE. NY law. Pay April 30 and Oct 30, starting 10/30/24. Settles 04/18 (T+6). Reg S ISIN: XS2767865853, IPT: mid-to-high 5s. Px talk: 5.50% area. Revised px talk: 5.25%-5.375% WPIR. Priced: 5.375% at 100. +291bp vs 2.10% OBL 04/12/29. Roadshow 04/08-09 (investor call at 12:30pm UKT 04/08). Books closed at 3:15pm UKT (from 2pm UKT) 04/10. UOP: along with the EUR1.8bn term loan B priced 02/15/24, to fund the tender offer for its EUR1.145bn 2.00% sr sec notes due 07/25/25 (callable at 100) and refinance its existing $1.415bn term loan B. Equity sponsor: Partners Group, CDPQ, OTPP. Biz: a leading global energy management and services provider (energy and water metering) to the real estate sector and private homeowners. HQ: Eschborn, Germany.