Commentary & Deal Flow

Final price: 7.75% yield
Final price talk: 5.25NC2: 7.50-7.75%

IPTs: 5.25NC2: 7.75-8.00%

• Issuer: CAB Selas (Biogroup) (Ticker: BIOGRP)
• Business: A leading private medical laboratory services player in Europe. HQ: Saint-Ouen, France.
• Use of Proceeds: Together with €400m cash on balance sheet and a new €1bn minimum TLB, to (i) amend & extend the existing TLB facilities and (ii) refinance the existing EUR1.15bn 3.375% Senior Secured Notes due 01-Feb-28 (callable at 100) and (iii) pay certain costs, fees and expenses in connection with the transactions
• Concurrent Exchange: Concurrent exchange offer into new sr sec notes due 2031 for existing holders of €1.15bn 3.375% SSN due 2028 (at €1,000 exchange ratio) and €250m 5.000% SUN due 2029 (at €1,000 times the exchange ratio, which is equal to 97.50% divided by the issuance price of the new cash notes).
• Offering Size: EUR1.3bn (from Min. EUR1bn)
• Instrument: Senior Secured Notes (incl Exchanged Notes)
• Tenor: 5.25 years (Aug 2031)
• Call Protection: NC2 (50%, 25%, Par)
• Ratings: --/--/B+ (--/--/stable)
• Change of Control: Put @ 101
• Distribution: Reg S / 144A for life
• Day Count: 30/360
• Denominations: €100k x €1k
• Listing: The International Stock Exchange
• Governing Law: New York
• Settlement: 22-May-26 (T+9)
• Joint Global Coordinators and Joint Physical Bookrunners: BNP Paribas (B&D), HSBC, JPM
• Joint Global Coordinators and Joint Bookrunners: Citi, CACIB, NTX
• Joint Bookrunners: DB, GS
• Shareholder: the Eimer family
• Target Market: MiFID II professionals/ECPs-only/No PRIIPs KID – Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA.
• Timing: Books closed / Exchange Deadline: 16:00 UKT, 06-May-26; Pricing 07-May-26 (from late 06-May-26).
• Roadshow Details:
• Link: https://dealroadshow.com/e/BIOGIC2026
• Access Code: BIOGIC2026
• GIC Registration Link: https://evercall.co/oacc/40499