SNF Group SACA (fka SPCM SA) (SNFF) EUR550m 144A/Reg S sr notes due 03/15/32 (7y). NC3 (03/15/28) (MWC TB+50bp), then at 102.250, 101.125, 100. Equity claw: 3y 40% at 104.50. --/BB+ (--/stable) (Corp ratings Ba1/BB+ (stable/stable)). Via BNP (B&D) sole physical books/CA jt glocos/BofA/Natixis/CIC jt books, SocGen, HSBC as co-managers. No reg rights. List Lux. NY law. CoC at 101. Settles 03/20 (T+7). Reg S ISIN: XS3021201887. IPT: mid-high 4s. Price talk: 4.50%-4.625% WPIR.
Priced: 4.50% at 100. +188bp vs DBR 0% 02/15/32.
Roadshow (1-on-1s) 03/10-11 (investor call at 2pm UKT 03/10). Books closed at 1:30pm UKT 03/11. UOP: redeem its EUR350m 2.00% sr notes due 02/01/25 (callable at 100), pay down amounts drawn on its revolver, GCP. Biz: parent of SNF Floerger, a specialty chemicals producer and the worlds largest producer of polyacrylamide, a water-soluble polymer. HQ: Andrezieux, France.
Deal Roadshow:https://dealroadshow.com/e/SNFGIC2025 (Access code: SNFGIC2025).