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by Stephen Carter
Dec 03, 2025 1:16 PM ET
Almirall SA (ALMSM) EUR250m Reg S only sr notes due 06/15/31 (5.5y). NC2 (12/15/27) (MWC B+50bp), then at 101.875 12/15/27, 100.938 12/15/28, 100 12/15/29. Equity claw: 2y 40% at 103.75. 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. Pays June 15 and Dec 15, starting 06/15/26. Denoms:100kx1k. Settles 12/17. ISIN: XS3248326533. IPT: low 4s. Price talk: 4% area. Final price talk: 3.75%-3.875%.
Priced: 3.75% at 100. +137bp vs DBR 0.00% 08/15/31.
Roadshow (small group meetings) 12/02-03 (investor call 11am UKT 12/02). Books closed at 1pm UKT 12/03. Reconfirms were due by 2:30pm UKT 12/03. 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.