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by Stephen Carter
Apr 10, 2026 8:29 AM ET
Clariane SE (CLARFP) EUR500m Reg S only sr notes due 04/15/31 (5y). NC2 (04/15/28) (MWC B+50bp), then at 103.4375 04/15/28, 101.71875 04/15/29, 100 04/15/30. Equity claw: 2y 40% aat 106.875. Special call: 10% per year the first 2 years at 103. B2/B+ (stable/stable). Via BNP (B&D)/CA/SocGen jt glocos and physical books/CIC/GS/La Banque Postale/Mediobanca/UniCredit jt books. List Dublin, NY law. CoC at 101. Pays April 15 and Oct 15, starting 10/15/26 (30/360). Denoms: 100kx1k. Settles 04/16. Reg S ISIN: XS3314100986. IPT: low-to-mid 7s. Price talk: 7% area (+/- 12.5bp).
Priced: 6.875% at 100. +416bp vs OBL 2.50% 04/16/31.
Roadshow (1-on-1s) 04/08-09 (investor call 11am UKT 04/08). Books closed at 10:30am UKT 04/10. UOP: along with EUR23m cash on hand, to refinance its Schuldschein EUR146m due 2026 and EUR100m 2027 and its Euro private placement bonds EUR41m due 2027 and EUR230m due 2028. Sponsors: Predica 26%, HLD Europe 26%, Leima Valeurs 5% (free float 43%) Biz: Europe's leading care service provider with activities in non-acute care, healthy aging and dependency prevention. HQ: Paris, France. TOE: 12:08pm UKT 04/10. FTT: 1:45pm UKT 04/10.
Evercall GIC registration link: https://evercall.co/oacc/17430. DealRoadshow entry code: CLARIANE2026.