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by Stephen Carter
Jan 28, 2026 1:10 PM ET
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. No reg rights. List ISE. NY law. CoC at 101. Denoms: 100kx1k.
- EUR 525m (from EUR500m minimum) FRN due 02/15/33 (7y). NC1 (02/15/27) (MWC B+50bp), then at 100. Pays Feb 15, May 15, Aug 15, Nov 15, starting 05/15/26 (Act/360). Denoms: 100kx1k. Reg S ISIN: XS3286656544. IPT: low-mid 400bp at par. Price talk: E+400bp area (+/- 12.5bp) at par. Final terms: EUR525m at E+362.5bp at par. Priced: 3mE+362.5bp (0% floor) at 100.
- EUR400m (from EUR300m minimum) fixed rate notes due 02/15/33 (7y). NC3 (02/15/29) (MWC B+50bp), then at 102.8125 02/15/29, 101.40625 02/15/20, 100 02/15/21. Equity claw: 3y 40% at 105.625. Special call: 10% per year the first 3 years at 103. Pays Feb 15 and Aug 15, starting 08/15/25 (30/360). Reg S ISIN: XS3286655736. Denoms: 100kx1k. IPT: low-mid 6s. Price talk: 6.00% area (+/- 0.125%). Final terms: EUR400m at 5.625%. Priced: 5.625% at 100. +301bp vs 2.30% 02/15/33.
Roadshow began 01/26 (investor call 12pm UKT 01/26). Books closed at 1:30pm UKT 01/28. Reconfirms were due by 3pm UKT 01/28. (Originally pricing 01/29). UOP: along with EUR10m, to 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.