Commentary & Deal Flow

Priced: 7.75% / 100
Benchmark: 0% DBR 15-Aug-31 / Spread to Benchmark: 511bps

Final price talk: 5.25NC2: 7.50-7.75%
IPTs: 5.25NC2: 7.75-8.00%

• Issuer: CAB (Biogroup) (Ticker: BIOGRP)
• Corporate Ratings: B2/B/B (Moody's/S&P/Fitch)
• Issue Ratings: B2/B/B+ (Moody's/S&P/Fitch)
• Instrument: Senior Secured Fixed Rate Notes
• Total SSN Offering Size (incl. Exchange): €1,300,000,000 (from Min. EUR1bn)
• Exchange Notes: €1,041,533,000
• New Issue Notes: €258,467,000
• 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).
• Trade Date: 07-May-26
• Settlement: 22-May-26 (T+9)
• Maturity: 09-Aug-31
• Tenor: 5.25 years
• Coupon: 7.75%
• Issue Price: 100
• YTM: 7.75%
• Make-Whole: BUNDS + 50bps
• Optional Redemption: NC2 (50%, 25%, Par)
• • Commencing 09-Aug-28 – 103.875%
  • Commencing 09-Aug-29 – 101.9375%
  • Commencing 09-Aug-30 – 100.00%
• Equity Claw: Up to 40% @ 107.75%
• Interest Payment Dates: Semi Annual, 09-Feb / 09-Aug
• First Interest Payment Date: 09-Aug-26
• Day Count: 30/360
• Change of Control: Put @ 101
• Distribution: Reg S / 144A for life
• Denominations: €100k x €1k
• Listing: The International Stock Exchange
• Governing Law: New York
• ISIN:
• • Reg S: XS3314073308
  • 144A: XS3314073134
• 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
• TOE: 15:23 UKT, 07-May-26
• FTT: 17:15 UKT, 07-May-26
• 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.
• 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
• Business: A leading private medical laboratory services player in Europe. HQ: Saint-Ouen, France.
• Shareholder: the Eimer family
• 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