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Commentary & Deal Flow

FINAL TERMS: Alloheim E925m sr sec 2-part, E525m 7NC1 FRN at E+362.5bp; E400m 7NC3 fixed at 5.625%

HYC European Market: Deal Flow - General

Cidron Atrium SE (Alloheim) (ALLOHE) EUR925m 144A/Reg S fixed/floating sr sec notes two-part. B2/B-/B- (stable/stable/positive).  Via GS (B&D FRN)/JPM (B&D fixed)/SEB jt glocos and physical books/Mizuho jt books. List ISE. NY law. Denoms: 100kx1k.

- EUR 525m (from EUR500m minimum) FRN due 2033 (7y). NC1 (par). IPT: low-mid 400bp at par. Price talk: E+400bp area (+/- 12.5bp) at par. Final terms: EUR525m at E+362.5bp at par.

- EUR400m (from EUR300m minimum) fixed rate notes due 2033 (7y). NC3 (50%,25%,par). IPT: low-mid 6s. Price talk: 6.00% area (+/- 0.125%). Final terms: EUR400m at 5.625%.

Roadshow began 01/26 (investor call 12pm UKT 01/26). Books closed at 1:30pm UKT 01/28. Reconfirms due by 3pm UKT 01/28. Pricing 01/28 UK afternoon (Originally pricing 01/29). UOP: refinance Alloheim's existing EUR860m EUR term loan B due 2028, and repay EUR45m drawn on its revolver. Biz: leading German nursing home operator offering high-quality stationary and ambulatory care services. HQ: Dusseldorf, Germany.

Evercall/DealRoadshow registration / slides link: https://evercall.co/oacc/37106.