IPT: CABB Group €600m 5NC2 sr sec notes; low 8s, pxg today
HYC European Market: Deal Flow - General
Issuer
Term
Call
Maturity
Size
Ranking
Type
IPT
MONITCHEM HOLDCO 3 SA
5NC2
2y
Jun-31
€600m
Snr Sec
Fixed
Low 8%s
IPTs: 5NC2: Low 8%s
Company: CABB GmbH
Issuer: MONITCHEM HOLDCO 3 SA (CABBCO)
Business: A leading contract development and manufacturing organization (CDMO), supplying customized active ingredients and complex high-purity specialty chemicals to customers in the Crop Science, Life Sciences, Pharma and Specialty Chemicals markets. HQ: Sulzbach am Taunus, Germany
Issue: Senior Secured Notes
CFR: B3 (Stable) / B- (Stable) (Moody's/S&P)
Ratings: B3/B- (Moody's/S&P)
Format: Reg S / 144A
Size: €600m
Tenor: 5.0 years
Call Protection: NC2 (50% / 25% / par) MWC B+50bp. Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. Special asset sale call: 2y 15% at 103 using the proceeds of certain asset sales
Use of Proceeds: along with EUR85m cash on hand, to redeem its EUR250m sr sec FRN due 05/01/28 (callable at 100), and $420m 8.75% sr sec notes due 05/01/28 (callable at 102.188)
Denominations: €100k v €1k
Listing: The International Stock Exchange
Governing Law: New York Law
Equity sponsor: Permira.
Joint Global Coordinators and Physical Bookrunners: BofA Securities (B&D), Goldman Sachs Bank Europe SE
Joint Bookrunners: Commerzbank, Deutsche Bank Europe SE
Schedule: Global Investor Call on 15-Jun-26 at 14:00 UKT / 15:00 CET. Small group meetings available on 15-16 June.
Target Market / PRIIPS: Manufacturer target market (EU MIFID II / UK MiFIR 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 or in the UK.