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by Stephen Carter
Dec 03, 2025 6:40 AM ET
Almirall SA (ALMSM) EUR250m Reg S only sr notes due 2031 (5.5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Ba2/BB+ (stable/stable). Via BNP/JPM (B&D) jt glocos and physical books/BBVA/BofA/Caixa/Santander jt books. List Lux. NY law. CoC at 101. Denoms:100kx1k. IPT: low 4s.
Price talk: 4% area.
Roadshow (small group meetings) 12/02-03 (investor call 11am UKT 12/02). Books close at 1pm UKT 12/03. Pricing 12/03 UK afternoon. UOP: along with EUR55m cash on hand, to redeem its EUR300m 2.125% sr notes due 09/30/26 (callable at 100). Biz: a publicly listed global research-focused biopharmaceutical company with a leadership position in Europe, dedicated to Medical Dermatology. HQ: Barcelona, Spain.
Netroadshow direct link: https://www.netroadshow.com/nrs/home/#!/?show=a364261a. Entry code: HEALTH25.