Commentary & Deal Flow

Cheplapharm Arzneimittel GmBH (CHEPDE) EUR950m (up from EUR750m) 144A/Reg S sr sec notes due 02/15/32 (6y). NC2 (02/15//28) (MWC B+50bp) 103.375 02/15/28, 101.688 02/15/29, 02/15/30 at 100. Equity claw: 2y 40% 106.75. 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. Pays Feb 15 and Aug 15, starting 08/15/26. 144A ISIN: XS3261897402. Settles 02/09 (T+9). 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%.

Priced: 6.75% at 100. +423bp vs DBR 0.00% 02/15/32.

Roadshow (small in person group meetings) 01/26-27 (did investor call 11am UKT 01/26). Books closed at 1:30pm UKT 01/27. Reconfirms were due by 3:45pm 01/27. 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.