Commentary & Deal Flow

Private placement: Grunenthal GmbH (GRUPHA) EUR175m 144A/Reg S add-on to its 4.625% sr sec notes due 11/15/31 (6y). NC3 (11/15/27) (MWC B+50bp), then at 102.313, 101.156, 100. Equity claw: 2y 40% at 104.625. B1/BB-/BB+ (stable/stable/stable). Via ING Bank sole placement agent. No reg rights. List ISE. NY law. CoC at 101. Settles 11/26 (T+8). Permanent ISIN: XS2951378434. Temporary ISIN: XS3227188375. The price was not disclosed. Reg S fungible after 40-days with the EUR500m priced 11/26/24. UOP: repay RCF and GCP, including funding add-on acquisitions, payments under existing joint venture arrangements or similar cash outflows. Wholly-owned by the Wirtz family. Biz: Leading pharmaceutical company in pain treatments. HQ: Aachen, Germany.