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by Chris Reich
May 04, 2026 7:37 AM ET
Bond US Bidco 1 Inc / Bond US Bidco 2 Inc /Bond US Bidco 3 Inc / Bond German BidCo 1 GMBH /Bond German BidCo 2 GmbH (BASF Coatings) EUR1.950bn euivalent (US$/EUR) 144A Reg S sr sec notes 2-part. B2/B/BB- (stable/stable/stable). Via BofA (physical books, B&D on EUR tranche)/WFS (phyisical books, B&D on US$ tranche)/GS/HSBC jt glocos/Santander/SMBC/Barc/Citi/Jefferies/Scotia/CIBC/Natixis jt books, Carlyle as co-manager. No reg rights.
- EUR TBD due 2033 (7y). NC3 (50%,25%,par). List ISE. NY law. Denoms 100kx1k. IPT: low 7s.
- US$ TBD due 2033 (7y). NC3 (50%,25%,par). NY law. Denoms 200kx1k. IPT: low 8s.
Roadshow (small group calls) 05/04-06 (Investor call at 10:30am NYT / 3:30pm UKT 05/04). UOP: along with EUR750m term loan B, ~$1,400m (€1.2bn EUR-equiv.) USD Term Loan B and a pre-placed €600m CNY Term Loan B proceeds, to fund the acquisition of BASF Coatings Business by Carlyle, QIA and BASF. Biz: a global leader by market share in automotive OEM and refinish coatings solutions, as well as pre-coating surface treatment solutions for metal, plastic, and glass substrates, serving diverse industries across EMEA, the Americas, and APAC.