Commentary & Deal Flow

Cheplapharm Arzneimittel GmBH EUR950m (up from EUR750m) 144A/Reg S sr sec notes due 2032 (6y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the 1st 3 years at 103. B3/B/B+ (stable/stable/stable). Via Citi/DB (D&B) jt glocos and physical books/Barc/BofA/Commerz/GS/JPM/ING/UBS/UniCredit jt books. No reg rights. List ISE. NY law. CoC at 101. Denoms: 100kx1k. IPT: 7.00%-7.25%. Price talk: 6.75%-7.00% EUR200m upsize to partially repay its sr sec term loan B due 2029.

Final terms: EUR950m at 6.75%.

Roadshow (small in person group meetings) 01/26-27 (investor call 11am UKT 01/26). Books closed at 1:30pm UKT 01/27. Reconfirms due by 3:45pm 01/27. Pricing 01/27 UK afternoon. UOP: along with EUR14m cash on hand, to refinance the existing EUR575m 4.375% sr sec notes due 01/15/28 (callable at 100) and US$215m 5.50% sr sec notes due 01/15/28 (callable at 100) (EUR200m upsize to partially repay its sr sec term loan B due 2029). Privately owned by Sebastian Braun, Co-CEO (50%), and Dr Bianca Juha, Chief Scientific Officer (50%). Biz: specialty pharmaceuticals. HQ: Greifswald, Germany.