Commentary & Deal Flow

Nidda Healthcare Holding GmbH (STADA) (SAZGR) EUR550m 144A/Reg S sr sec FRN due 2032 (7y). NC1 (MWC B+50bp) (then par). IPO call: 1y for all or part at 102. Existing B2/B/B+ (stable/stable/stable). Via JPM (B&D)/DB/BNP/SocGen/HSBC jt glocos and physical books/GS/MS/MUFG/NatWest/SEB jt books, BBVA, Commerz, RBI, UBS, UniCredit as co-managers. No reg rights. List ISE. NY law. CoC at 101. Denoms: 100kx1k. Roadshow (virtual group meetings) 09/29-30 (investor call at 11am UKT 09/29). UOP: along with EUR10m cash on hand, to refinance the remaining EUR400m of the EUR500m non-portable private placement FRN due 02/21/30 (callable 01/15/26 at 101), repay EUR150m of the EUR230m drawn on its revolver. Separately from the refinancing on 09/01/25 STADA announced the acquisition by CapVest of a 68% majority stake in STADA Arzneimittel AG from Bain and Civen for a transaction value of around EUR10bn, including debt (Bain and Cinven will retain 31% minority interest in Stada). STADA will also issue EUR1.4bn holdco PIK notes via KKR/GS in the private credit market. Rolled and new cash equity of EUR2.765bn. The remaining EUR5.75bn equivalent existing debt is portable at a CNLR of 5.75x and will remain in place. Closing expected in early 2026. Biz: international healthcare and pharmaceuticals company, developing, manufacturing and commercializing Consumer Healthcare, Generics and Specialty medicines. HQ: Bad Vilbel, Germany.

Netroadshow direct link: www.netroadshow.com/nrs/home/#!/?show=6e07b922. Deal entry code: STADA2025 (not case-sensitive)