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by Stephen Carter
May 07, 2026 5:22 PM 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) (BSCOAT) EUR1.950bn equivalent (US$/EUR) 144A Reg S sr sec notes 2-part. B2/B/BB- (stable/stable/stable). Via BofA (physical books, B&D on EUR tranche)/WFS (physical books, B&D on US$ tranche)/GS/HSBC jt glocos/Santander/SMBC/Barc/Citi/Jefferies/CIBC/Scotia/Natixis jt books, Carlyle as co-manager. No reg rights.Settles 05/27 (T+13).
- EUR1.250bn due 06/15/33 (7y). NC3 (06/15/29) (MWC B+50bp), then at 103.25 06/15/29 101.62506/15/30, 100 06/15/31. Equity claw: 3y 40% at 106.50. Special call: 10% per year the first 3 years at 103. List ISE. NY law. CoC at 101. Pays June 15 and Dec 15, starting 12/15/26. Denoms 100kx1k. Reg S Common Code: 336761336; Reg S ISIN: XS3367613364. IPT: low 7s. Price talk: 6.625%-6.875%. Revised price talk: 6.50% area. Priced: 6.50% at 100. +365bp vs DBR 2.60% 08/15/33.
- US$750m due 06/15/33 (7y). NC3 (06/15/29) (MWC T+50bp), then at 103.563 06/15/29, 101.781 06/15/30, 100 06/15/31. Equity claw: 3y 40% at 107.125. Special call: 10% per year the first 3 years at 103. NY law. Coc at 101. Pays June 15 and Dec 15, starting 12/15/26. Denoms 200kx1k. 144A CUSIP: 097947 AA3; 144A ISIN: US097947AA34. IPT: low 8s. Price talk: 7.375%-7.625%. Revised price talk: 7.25% area. Priced: 7.125% at 100. +292bp vs 3.375% 05/15/33.
Roadshow (small group calls) 05/04-06 (Investor call at 10:30am NYT / 3:30pm UKT 05/04). Books closed 10am NYT / 3pm UKT) 05/07. Recommits due by at 12pm NYT / 5pm UKT 5/07. UOP: along with EUR750m term loan B, ~$1,400m (€1.2bn EUR-equiv.) USD Term Loan B and a pre-placed €600m CNY Term Loan B proceeds, to fund the acquisition of BASF Coatings Business by Carlyle (approx 25%), Qatar Investment Authority (QIA) (approx 15%) from BASF SE for EUR7.115bn., and the addition of EUR235m for cash on the B/S. The sponsors will contribute EUR3.15bn in equity. BASF SE will retain an approx 40% minority interest. Biz: a global leader by market share in automotive OEM and refinish coatings solutions, as well as pre-coating surface treatment solutions for metal, plastic, and glass substrates, serving diverse industries across EMEA, the Americas, and APAC. (Acquisition announced 10/10/25).
EUR tranche FTT 8am UKT 05/08; US$ shortly after pricing.